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| SPONSOR: | Maes | DATE TYPED: | 03/30/00 | HB | |||
| SHORT TITLE: | Technology Startup Tax Credit Act | SB | 3 | ||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
| $ (1,200.0) | $ (1,300.0) | Recurring | General Fund | |
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
LFC files
Taxation and Revenue Department
SUMMARY
Synopsis of Bill
Authorizes a tax credit for startup technology businesses for gross receipts, compensating and withholding taxes for up to five years. A firm must meet the following qualifications to receive the tax credit: 1) have less than 50 full time equivalent employees; 2) have annual revenues of $10 million or less and 3) have 50% or less ownership by another business. Expenditures made as a part of an industrial revenue bond project or those eligible for other tax incentives are excluded from the credit.
FISCAL IMPLICATIONS
Recurring revenue loss to the General Fund is estimated at $1,200 thousand in FY01 and $1,300 thousand.
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