SB 13 (2021)
Lower business tax rates, increase exemption under I&D tax, other policy changes
This is an omnibus bill related to taxes. First, the bill lowers the rate of the Business Enterprise Tax (BET) and Business Profits Tax (BPT). The bill repeals the "trigger" law that would stop business tax decreases if there was a shop drop in revenue.
Second, this bill increases exemptions under the Interest and Dividends Tax.
Third, this bill makes some small changes to the law governing property tax exemption for educational organizations.
Lastly, this bill clarifies the authority of the Office of Professional Licensure and Certification to set fees for all boards, councils, and commissions within the agency.
The House and Senate incorporated business tax changes into the state budget.