HB 1693 – DIGEST: Authorizes certain new businesses to deduct up to two million dollars of business and occupation taxes in each calendar year.
Washington state residents don’t pay an income tax, one of the reasons why some companies have found the area an attractive place to invest and expand. But go anywhere in startup circles in the state and you’ll hear the story of the dreaded B&O tax. The business and occupation tax — which is taken out of gross receipts — tends to hit smaller startups that have yet to achieve profitability especially hard.
Now, some state legislators, including Bellevue’s Cyrus Habib, are looking to put some limits on the B&O tax, offering a potential $2 million deduction for those companies less than two years old.
Read the full story at the source: John Cook, Geekwire, February 11, 2013