14 states that make it easier to launch your business with startup tax credits and fewer licensing restrictions
, which outlines plans to make the state a better place for entrepreneurs to get their businesses up and running.The bill requires the government to award 5% of all state contracts to startups that have been operating for less than five years, nullifies noncompete clauses in worker contracts, and establishes an office of entrepreneurship.
There are also several tax provisions for companies less than five years old. Businesses created within the past tax year, beginning on January 1, are exempt from paying taxes on their first $250,000 of income and pay 4% on income afterward. Small businesses with less than $5,000 in revenue can defer filing their taxes for one year..