Modifies provisions governing a corporate excise tax exemption allowed for business firms operating in certain economically lagging areas.

Labor Taxes

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Last action: 2025-06-27
Official status: In House Committee
Effective date: Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2025-06-27 House
In committee upon adjournment.
2025-06-10 House
Public Hearing held.
2025-05-29 House
Informational Meeting held.
2025-04-15 House
Informational Meeting held.
2025-04-08 House
Public Hearing held.
2025-03-20 House
Recommendation: Do pass and be referred to Revenue.
2025-03-20 House
Referred to Revenue by order of Speaker.
2025-03-17 House
Work Session held.
2025-02-24 House
Public Hearing held.
2025-01-17 House
Referred to Economic Development, Small Business, and Trade.
2025-01-13 House
First reading. Referred to Speaker's desk.

Official Summary Text

Digest: The Act changes an income tax exemption for business firms in poor and rural areas. (Flesch Readability Score: 61.8).
Modifies provisions governing a corporate excise tax exemption allowed for business firms operating in certain economically lagging areas. Makes changes to the program requirements, including methods of calculating employee wages in support of showing of applicant eligibility.
First applies to preliminary certifications and annual certifications issued on or after the effective date of the Act.
Takes effect on the 91st day following adjournment sine die.
Relating to: Relating to tax exemptions for business development; prescribing an effective date.
Current location: In House Committee