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2018 SESSION

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HB 471 Small businesses, new; state and local tax and regulatory exemptions.

Introduced by: David A. Reid | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

State and local tax and regulatory exemptions for new small businesses. Exempts new small businesses from (i) payment of unemployment, sales and use, and local license taxes and (ii) certain registration and reporting requirements with the State Corporation Commission. The bill defines an eligible business as any business that has its principal place of business in the Commonwealth, has not been in existence for more than five years, and has fewer than six employees or has paid less than $5,000 for the purchase or lease of business personal property, including machinery and tools and merchants' capital, since its inception.


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