2017 Session

Budget Amendments - SB900 (Member Request)

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Chief Patron: Chase
Small Business Income Tax Deduction (language only)

Item 0 #7s

Item 0 #7s



Page 1, strike lines 44 through 45, and insert:                          


"Official Revenue Estimates







Page 2, strike lines 1 through 2, and insert:                










(This amendment accompanies Senate Bill 849 which proposed to establish an income tax deduction for taxable years beginning on and after January 1, 2017, for income attributable to the ownership and operation of a small business. For purposes of the deduction, a small business is defined as a business that has its primary place of business in the Commonwealth, generates less than $100,000 of taxable income in the taxable year, and has fewer than 50 employees. A business owner would only be eligible to take the deduction for the first five years that the business is in operation. As a placeholder, this amendment assumes a GF revenue reduction of $5 million in FY 2018. The actual revenue impact is to be determined.)