Ordinance No. 27763 passed the city council last night. The ordinance increased the threshold for the B&O tax for businesses in the city limits to $72,500 annually. The Chamber worked with local businesses and economic development leaders to push for this increase.
While this is a positive outcome, eventually, the Chamber would like to see the entire B&O tax eliminated by 2020 for every business. The ordinance is written to increase the floor by $2,500 every year, without sunset.
Below is the vote tally for last night's passage:
Ordinance No. 27763
Amending Title 6A of the Municipal Code, relating to Business and Occupation
Tax, to increase the gross income threshold by $2,500 annually, effective
January 1, 2009.
Ayes: 8 Nays: 0 Absent: 1
The Chamber was a long time advocate of eliminating the City and State's B&O taxes. At this summer's City Council Government Performance and Finance Committee, the Chamber spoke out for reducing the B&O tax. The Chamber specifically suggested a gradualist approach so City services would not suffer harm. One of our suggested methods was to raise the floor, which is the choice enacted by the City Council.
While this is a positive outcome, eventually, the Chamber would like to see the entire B&O tax eliminated by 2020 for every business. The ordinance is written to increase the floor by $2,500 every year, without sunset.
Below is the vote tally for last night's passage:
Ordinance No. 27763
Amending Title 6A of the Municipal Code, relating to Business and Occupation
Tax, to increase the gross income threshold by $2,500 annually, effective
January 1, 2009.
Ayes: 8 Nays: 0 Absent: 1
The Chamber was a long time advocate of eliminating the City and State's B&O taxes. At this summer's City Council Government Performance and Finance Committee, the Chamber spoke out for reducing the B&O tax. The Chamber specifically suggested a gradualist approach so City services would not suffer harm. One of our suggested methods was to raise the floor, which is the choice enacted by the City Council.
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