The proposed bill, SB1370, aims to exempt individuals under the age of 19 from the requirement to obtain a business license or permit for businesses they operate occasionally. Under the new legislation, municipalities and counties would be prohibited from imposing any licensing requirements on such businesses. Additionally, the bill introduces a transaction privilege tax (TPT) exemption for these young entrepreneurs, provided their gross income does not exceed $10,000 per calendar year.

The key changes from current law include raising the age limit from under 18 to under 19 for individuals eligible for these exemptions and specifying that the exemption applies only to businesses operated occasionally. The bill also clarifies that individuals under 19 are not required to obtain a TPT license or pay TPT if their business income is below the specified threshold. These amendments are intended to encourage youth entrepreneurship by reducing regulatory burdens on young business owners.

Statutes affected:
Introduced Version: 9-500.50, 11-269.29, 42-5045
Senate Engrossed Version: 9-500.50, 11-269.29, 42-5045
House Engrossed Version: 9-500.50, 11-269.29, 42-5045
Chaptered Version: 9-500.50, 11-269.29, 42-5045