All posts tagged Washington State Taxes

Assault on the B&O High Technology Tax Credit

By Bob Heller and Dan Wright at Clark Nuber, and Joe Wallin and Garry Fujita at DWT

The high technology B&O tax credit has long been a useful tool to encourage investment by Washington’s high technology companies in research and development of innovative goods and services. Fostering investment in high technology research and development leads to increased exports of goods and services while maintaining or expanding jobs and the tax base in Washington State. Both new businesses and established businesses have benefited from growing their activities because of this credit.

However, a bill introduced in the legislature seeks to limit the tax benefits in magnitude as well as availability to small businesses, HB 2532.

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New, Higher Tax Proposals Floating Around Olympia

By Joe Wallin

In 2010, Washington voters resoundingly rejected adopting an income tax (I-1098) on individuals earning more than $200,000 per year, or couples earning more than $400,000. However, the issue is once again potentially alive.

Tucked deep in Governor Gregoire’s revenue proposals, titled Revenue Alternatives For Building A Better Future, is the idea of repealing the B&O tax (business and occupation tax) exemption on wages earned in excess of $250,000, and collecting tax at the “services and other” rate of 1.8%. You can find the text of the proposal here, but the graphic below shows the full text.

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DOR: Raiding the Seat Cushions

By Garry Fujita

Just like every state and municipality in the nation, Washington State is struggling to shore up what seems to be a dwindling revenue stream due to lower property values, fewer business transactions, fewer working people paying taxes, lower taxable revenues for businesses, etc. It all adds up to one big shortfall.

Apparently this has inspired the powers that be in the state government put to task the Department of Revenue (DOR) to seek revenue in every nook and cranny, thus resulting in a call from a gentleman last week with a crazy story.

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