Bills · 2017-2018 Regular Session
Relating to: creating an individual and corporate income and franchise tax credit for a small business that pays personal property taxes. (FE)
Business Corporation — Taxation Franchise — Taxation Fraud Income tax — Credit Property tax
- Introduced, stopped here
- Passes Assembly, not reached
- Passes Senate, not reached
- Governor signs, not reached
- Law, not reached
Unfamiliar terms? Glossary
What this bill does
Plain-language analysis by the nonpartisan Legislative Reference Bureau
This bill creates a nonrefundable individual income tax credit and a corporate
income and franchise tax credit for a small business that is equal to the amount the
small business paid in a taxable year for personal property taxes assessed to the
small business. Under the bill, “small business” means a person engaging in any
activity, enterprise, or business in this state employing 50 or fewer individuals on a
permanent basis with gross receipts of no greater than $1,000,000 in the taxable year
for which the credit is claimed.
The credit is nonrefundable, meaning that it may be claimed only up to the
amount of a taxpayer's income or franchise tax liability. If the amount of the credit
for which a small business is eligible exceeds its tax liability, the small business may
carry forward the excess credit amount for up to the following 15 taxable years.
What it would cost
Fiscal estimates filed by state agencies, as official PDFs