Rep. Senn introduces small business tax relief measure

A bill sponsored by Representative Tana Senn (D-Mercer Island), in conjunction with a request from Governor Jay Inslee, would modify the filing threshold for businesses in Washington bringing much needed tax relief to many small businesses. 

“This bill will help ease some of the burden on family owned small businesses, and new start-ups as well.” Rep. Senn noted when asked about her bill. “The legislature must look at all available avenues to continue making our economy one that works for all businesses in Washington.”

The measure, once enacted, would increase the gross revenue exemption (the amount that a business must make before B&O or public utility taxes filing mandates kick in) from as low as $24,000, up to $50,000.

Business owners with knowledge of the measure agreed with the benefits. Last year, Theresa Keith left her job at T-Mobile to start Hennie McPennie, a children’s shoe store on Mercer Island, with her husband John. “Our business is still in the infancy stage so every bit helps,” he explained upon hearing of a possible B&O tax break for small businesses.

This is also an investment in our future. “Increasing the gross revenue exemption to businesses making less than $50,000 supports small companies” said Eastside-based Brayden Olson, entrepreneur and CEO of Novel, Inc. “The more successful businesses we have in the state, the more Washingtonians will have jobs and the larger our future taxable base will be.”

“The Legislature took action late last year to provide tax incentives to some very large companies in our state,” Rep. Senn commented, “and it’s time that Washington’s small business community received some support as well.”