Relief measure could benefit 90,000 businesses over the next four years
Washington’s business and occupation (B&O) tax is widely regarded as one of the most onerous and punitive taxes that new and small businesses face. Spokane Valley Republican Sen. Mike Padden is now taking aim at this leading cause of business failures in Washington, proposing a one-year exemption from the state B&O tax for all new businesses and a two-year exemption for new businesses employing fewer than 25 people.
Padden’s bipartisan small-business relief measure, Senate Bill 6327, received a public hearing today in the Senate Economic Development, Trade & Innovation Committee.
“The Legislature must consider removing some of the job-strangling barriers to new businesses,” Padden said.