Bill > S1605

This bill establishes a new "Small Business Tax Credit" to help eligible small businesses offset their tax liability. The credit is calculated as up to 15% of the "creditable amount," which is defined as the money a small business spends on gasoline or diesel fuel for company-owned vehicles or vehicles used by employees for business purposes. To qualify as a "Small Business" for this credit, a business must be independently owned and operated, not dominant in its field, meet the size standards set by the Small Business Administration (SBA), and have a specific number of employees or annual revenue depending on its industry, such as under 500 employees for manufacturing or under $6 million in annual business for retail and service industries. The Department of Revenue (the "Department") will be responsible for creating the rules and regulations to administer and enforce this new tax credit.