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Senate Bill 0079

Senate Bill 0079

ARCHIVE (2001)

Latest Information

DIGEST OF SB79 (Updated April 11, 2001 6:44 PM - DI 84)

Provides that a county may impose a county economic development income tax (CEDIT) for property tax replacement purposes on the apportioned net income of corporations and pass through entities. Provides that this tax may be imposed at a rate of not more than 1.5% of the apportioned net income of a corporation and not more than 0.5% of the apportioned net income of a partnership or S corporation. Provides that the revenue generated from this tax is not included in the certified distributions of revenues from the CEDIT imposed on individuals, but shall instead be deposited in a county personal property tax replacement fund and used to provide tax credits against property tax liability on business personal property. Provides that the entity that imposes the tax (either the county council or the county income tax council) shall each year specify by ordinance the types or classes of business personal property that are eligible for property tax replacement. Specifies that the credit percentage shall be uniform throughout a county for eligible business personal property.
    Current Status:
    In Conference Committee
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