04/13/2012 01:30 PM Senate FIN

CS FOR HOUSE BILL NO. 252(FIN)                                                                                                
                                                                                                                                
     "An  Act exempting  certain small  businesses from  the                                                                    
     corporate income  tax; and  providing for  an effective                                                                    
     date."                                                                                                                     
                                                                                                                                
4:33:31 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE  MIA  COSTELLO,  SPONSOR explained  that  the                                                                    
legislation   would   exempt    certain   small   qualifying                                                                    
businesses from  the state's corporate income  tax until the                                                                    
business reached  $50 million in gross  aggregate assets, or                                                                    
after the  passage of a  period of  10 years. The  intent of                                                                    
the bill was  to attract new corporate income  tax payers in                                                                    
industries that did not currently exist in the state.                                                                           
                                                                                                                                
Co-Chair Stedman  noted the fiscal note  from the Department                                                                    
of Revenue for an additional corporate income tax auditor.                                                                      
                                                                                                                                
Senator  Ellis   MOVED  to  report  CSHB   252(FIN)  out  of                                                                    
committee   with   individual    recommendations   and   the                                                                    
accompanying fiscal  note. There being NO  OBJECTION, it was                                                                    
so ordered.                                                                                                                     
                                                                                                                                
CSHB  252(FIN) was  REPORTED  out of  committee  with a  "do                                                                    
pass"  recommendation and  with previously  published fiscal                                                                    
impact note: FN2 (REV).                                                                                                         
                                                                                                                                
4:34:43 PM                                                                                                                    
RECESSED                                                                                                                        
                                                                                                                                
5:53:35 PM                                                                                                                    
RECONVENED