Bill Status of SB2606 93rd General Assembly
Short Description: INC TX-START-UP DEFERMENT
Sen. Patrick Welch - Kathleen L. Wojcik and Debbie DeFrancesco Halvorson
| 1/11/2005||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Income Tax Act. Provides that a start-up business may apply to the Department of Revenue for a deferment of taxable income for the first 3 years that the business is in operation. Requires the taxpayer business to pay the deferred amounts in 5 equal annual installments in the 5 tax years after the 3-year deferment period. Requires the Department to approve the application if certain requirements have been met. Authorizes the Department to promulgate rules necessary for the administration of the deferment program. Effective January 1, 2005.