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Committee raises business enterprise tax filing threshold to ease burden on small firms
Summary
The committee adopted amendment 1495S to raise the Business Enterprise Tax filing threshold to $375,000, a change sponsors said would remove more than 2,000 small taxpayers from filing and cost roughly $2 million; members requested DRRA verification of current threshold and fiscal impact.
The Ways and Means Committee adopted amendment 1495S to increase the Business Enterprise Tax (BET) filing threshold so the smallest firms would not need to file. A sponsor said the change would raise the effective threshold to $375,000 from the current effective level (discussed as roughly $289,000–$298,000) and would affect a little over 2,000 small-business taxpayers while costing about $2 million in state revenue.
Committee members asked for verification from the Department of Revenue Administration (DRRA) and a fiscal note; the sponsor said the change applies to tax years beginning Jan. 1, 2027 (actual tax liability filings in 2028). Members agreed to keep the amendment off consent to allow further verification and discussion.
The amendment passed by voice vote; the committee advanced the underlying measure with the amendment attached.
