04/10/2012 01:30 PM Senate LABOR & COMMERCE

           HB 252-SMALL BUSINESS INCOME TAX EXEMPTION                                                                       
                                                                                                                                
1:33:18 PM                                                                                                                    
CHAIR EGAN announced consideration of  HB 252. [CSHB 252(FIN) was                                                               
before the committee.]                                                                                                          
                                                                                                                                
SENATOR MENARD joined the committee.                                                                                            
                                                                                                                                
1:33:31 PM                                                                                                                    
JOSHUA WALTON,  staff to Representative Mia  Costello, sponsor of                                                               
HB 252, said that Senator  Paskvan had prepared an amendment that                                                               
provides  additional  sideboards  to  the bill  by  limiting  the                                                               
amount of time  that a company can qualify for  this exemption to                                                               
10  years after  they  first  have taxable  income.  He said  the                                                               
sponsor did not object to the amendment.                                                                                        
                                                                                                                                
SENATOR DAVIS moved to adopt Amendment 1, labeled 27-LS1085\D.2.                                                                
                                                                                                                                
                                                 27-LS1085\D.2                                                                  
                                                       Nauman                                                                   
                                                                                                                                
                          AMENDMENT 1                                                                                       
                                                                                                                                
     OFFERED IN THE SENATE                                                                                                      
                                                                                                                                
     TO:  CSHB 252(FIN)                                                                                                         
                                                                                                                                
     Page 1, line 9:                                                                                                            
          Delete "a tax year"                                                                                               
          Insert "the 10 tax years"                                                                                         
          Following "2012,":                                                                                                
          Insert "or for the 10 tax years immediately                                                                       
       following the first year a corporation has taxable                                                                   
     income,"                                                                                                               
                                                                                                                                
CHAIR EGAN found no objection, and Amendment 1 was adopted.                                                                     
                                                                                                                                
1:35:02 PM                                                                                                                    
At ease from 1:35:02 to 1:35:38 p.m.                                                                                            
                                                                                                                                
1:35:38 PM                                                                                                                    
SENATOR DAVIS moved to report CSHB 252(FIN), as amended, from                                                                   
committee with individual recommendations and attached fiscal                                                                   
note(s).                                                                                                                        
                                                                                                                                
CHAIR EGAN found no objection, therefore SCS CSHB 252(L&C) moved                                                                
from the Senate Labor and Commerce Standing Committee.