SNOHOMISH WASHINGTON NEWSPAPER Thursday, October 1, 2020   
Snohomish Times News
Home | Business News | County News | Entertainment | Local News | Photo Gallery | Prep Sports | Roads Traffic News | Snohomish News Archive | STSPN.COM

New B&O Tax surcharge

KTKO AM1380
Published:2020-02-10 State
New B&O Tax surcharge     Print Snohomish Times    
New B&O Tax surcharge

By Cameron Sheppard
WNPA News Service
Fewer businesses will be asked to foot the bill for higher education programs after Gov. Jay Inslee signed Engrossed Substitute Senate Bill 6492 on Monday.
The bill will restructure the business and occupation tax and surcharges put in place by legislation passed last year to fund investments in public colleges as well as to provide grants that increase access for low and medium-income students.
“We are going to make massive investments in public higher ed,” said Sen. Jamie Pedersen, D-Seattle. “Both for the institutions and more importantly, for the students who need access to these services.”
Legislation signed last year and put into effect this year stipulated that on top of the B&O tax rate, certain businesses would also pay a Workplace Education Investment Surcharge.
Pedersen, the new bill’s prime sponsor, said he and his colleagues realized the demand for higher education programs was much higher than revenues called for in last year’s legislation.
Senate Ways & Means Committee staff member Jeff Mitchell said the tax rate that took effect in January was estimated to have generated $773 million in revenue over four years, while this year’s adjustment is estimated to bring in over $1 billion during the same timespan.
Pederson said this new legislation will be “simpler to administer, more predictable and sufficient to meet the needs of the state.”
He said the new surcharge will affect less than 15,000 businesses and applies only to those defined as “advanced computing” companies, such as Microsoft or Amazon. The earlier legislation affected more than 80,000 companies.
Advanced computing companies are defined as firms that make computer software or hardware, provide Cloud computing services, manage online marketplaces, or online social networking platforms.
Pedersen said he wanted to focus the majority of the revenue collection for workplace education investment on businesses that “by their nature, rely on highly educated professionals.”




Published: Tuesday, September 08, 2020
Lane, traffic signals added on SR 524 at Yew Way Lane, traffic signals added on SR 524 at Yew Way
New traffic signals will turn on at the Yew Way-Maltby Road intersection on State Route 524, just west of SR 522 near Woodinville, early Wednesday, Sept. 9.


Published: Sunday, September 06, 2020
Arrests made in Everett homicide Arrests made in Everett homicide
Since the homicide on August 31st, detectives have investigated the shooting death of a male inside a vehicle at Langus Riverfront Park (411 Smith Island Rd).


Published: Thursday, September 03, 2020
Changes proposed for crude oil movement reporting requirements Changes proposed for crude oil movement reporting requirements
Knowing when, where and what kind of oil is transported across Washington state is critically important to first responders when a spill happens.


Published: Thursday, September 03, 2020
Check schedules and expect waits for state ferries over Labor Day weekend Check schedules and expect waits for state ferries over Labor Day weekend
People who plan to travel on a state ferry over the Labor Day weekend should check sailing schedules and plan for long waits if driving a vehicle aboard.


Published: Wednesday, September 02, 2020
Giving on wheels Giving on wheels
Giving on wheels: Amidst pandemic, Snohomish County Food Drive gathers donations and hope


Rairdons Monroe Dodge

Snohomish Sports Network

Advertisement

Live Police Scanner

Snohomish County Sheriff, City of Snohomish,
Lynnwood, Mill Creek, Everett - Police & EMS/Fire


Advertisement

mondotimes
The Worldwide Media Guide

 


SNOHOMISH contact