Bill Description: Senate Bill 1241 would exempt small, youth-owned businesses from requirements to collect state and state sales tax. It would also exempt them from certain permitting mandates.

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Does it increase barriers to entry into the market? Examples include occupational licensure, the minimum wage, and restrictions on home businesses. Conversely, does it remove barriers to entry into the market?

Senate Bill 1241 would create Section 50-307A, Idaho Code, titled "Idaho Young Entrepreneurs Act," to say that "a business owned and operated solely by a person or persons under eighteen (18) years of age is exempt from any licensing, permitting, or fee requirements imposed by a city pursuant to this chapter."

This section could be improved by also exempting these youth-owned businesses from any licensing, permitting, or fee requirements imposed by the state or a county.

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Does it directly or indirectly create or increase any taxes, fees, or other assessments? Conversely, does it eliminate or reduce any taxes, fees, or other assessments?

Senate Bill 1241 would also include a subsection in the new Section 50-307A, Idaho Code, and amend Section 63-3622K, Idaho Code, to exclude these youth-owned businesses from being required to collect state sales tax "as long as the gross receipts of the business do not exceed ten thousand dollars ($10,000) per year."

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