The Senate Economic Development, Trade & Innovation Committee on Wednesday gave a “do pass” recommendation to a bill introduced by Sen. Mike Padden that would bring much needed relief to new businesses.
Senate Bill 6327 would create a one-year exemption from the state business and occupation (B&O) tax for all new businesses and a two-year exemption for new businesses employing fewer than 25 people, plus a 50 percent exemption in the third year.
“I am very pleased to see that this major reform is still alive for this session,” said Padden, R-Spokane Valley. “New and small businesses are crucial to Washington’s economic recovery and this measure would go a long way toward helping these businesses grow, take risks and invest in jobs for the people of this state.”