HB 2447 -
By Representative Kirby
ADOPTED 02/17/2014
On page 2, line 20, after "state" insert "or local"
On page 3, line 4, after "must" insert "annually"
On page 3, beginning on line 9, strike all of subsection (c) and
insert the following:
"(c) Specific details for the businesses served, including but not
limited to: The name of the business, the unified business identifier
of the business, the type of business identified by the North American
industry classification system, and detailed information about the
business required under subsection (5)(b)(i) and (c)(i) of this
section; and"
On page 3, line 22, after "section." insert "It is presumed that a small business incubator is meeting the requirements of subsection (1)(b) of this section if the incubator files the annual reports required under subsection (3) of this section and the small start-up and emerging businesses served by the incubator meet the requirements under subsection (5)(b)(ii) and (c)(ii) of this section."
EFFECT: Extends the property tax exemption to local taxes. Requires small business incubator organizations to provide specific information in the annual report detailing the types of products or services offered by the small or emerging businesses being served by the incubator. Creates a presumption that the small or emerging businesses being served by the incubator are engaged in qualifying activities if the incubator organization files the annual report and the small or emerging businesses meet the income and time requirements.