Small Business Tax Exemption is Temporary

The substitute HB 262 voted out of the Ways and Means committee was changed from the original bill concept and now the $1 million dollar floor for franchise taxes is only extended for two years, through Dec. 31, 2013.  Without additional legislation during the 2013 legislative session, the minimum revenue requirement would drop to $600,000 on Jan. 1, 2014.

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