Washington Service B&O Tax Rate Drops From 1.8% To 1.5%

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In 2010, the Washington legislature passed significant B&O tax changes including the adoption of economic nexus and market sourcing for service activities, as well as the imposition of B&O tax on directors’ fees. However, the largest revenue raiser came from a temporary increase of the service B&O tax rate from 1.5% to 1.8% from May 1, 2010 through June 30, 2013. While there were concerns that the 2013 legislature would extend the “temporary” increase, it did not. As a result, the service B&O tax rate reverted to 1.5% beginning on July 1, 2013.

Topics:  B&O Tax, Directors, Economic Development, Nexus, Tax Cuts

Published In: Business Organization Updates, General Business Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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