Earlier this week, the Senate Economic Development, Trade & Innovation Committee gave a “do pass” recommendation to Senate Bill 6327, which 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.
The bill now goes to the Senate Ways & Means Committee.
“I am very pleased to see that this major reform is still alive for this session,” said Senator Mike Padden (R-Spokane Valley) after introducing the bill. “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.”
“This measure would make it clear to entrepreneurs inside and outside of the state that legislators want our small-business employers to succeed and that Washington is open for business,” he added.
Senate Bill 6327 has until February 14 to pass out of the Senate.
