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§44-3-46  "Qualifying corporation" and "full-time equivalent active employee" defined. –


Published: 2015

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TITLE 44

Taxation

CHAPTER 44-3

Property Subject to Taxation

SECTION 44-3-46



   § 44-3-46  "Qualifying corporation" and

"full-time equivalent active employee" defined. –

(a) A "qualifying corporation" is any corporation that:



   (1) Annually elects (in a manner that may be determined by

the tax administrator) to be a qualifying corporation;



   (2) Has at least ten (10) full-time equivalent active

employees in this state; and



   (3) Is principally engaged in one or more of the business

activities described in industry numbers 7371, 7372 and 7373 in the Standard

Industrial Classification, Office of the Statistical Standards, Executive

Office of the President, United States Bureau of the Budget, as revised from

time to time.



   (b) For purposes of this section, "full-time equivalent

active employee" means any employee who works a minimum of thirty (30) hours

per week in this state, or two (2) or more part-time employees whose combined

weekly hours equal or exceed thirty (30) hours per week in this state.



   (c) The annual election by a corporation to be treated as a

qualifying corporation for a fiscal year becomes effective for purposes of this

section as of the first day of the fiscal year for which the election is filed

and must be filed with the tax administrator on or before the due date

prescribed by law (including any extensions) for the filing of the

corporation's tax return with the tax administrator for the fiscal year. In no

event shall an election be effective for fiscal years commencing prior to

January 1, 1997, and in no event shall the exclusion available under the

provisions of this chapter be available to options that were issued prior to

January 1, 1997.



History of Section.

(P.L. 1997, ch. 223, § 1.)