A look at a Few broad-based business taxes
Unified business tax: A modified gross receipts tax would also collect a quarter of one percent of a business’s gross receipts. At its start, during the first half of 2004, the tax would be imposed only on businesses with gross revenue of at least $3 million. After that period, the tax would be imposed at a rate of 0.25 percent on gross revenue in excess of $450,000, not to exceed 1 percent of gross profit.
Net profits tax: Similar to the corporate income tax imposed in 47 other states, businesses would pay 3 percent (in the Senate version) or 5 percent (the Assembly version) of net profits to the state.
Payroll tax: In the latest version of a payroll tax discussed Tuesday by Senate Republicans, a 1.25 percent tax would be imposed on the first $21,500 of an employee’s annual salary. Income above $21,500 would be exempt.