B&O tax reform bill would exempt nearly 286,000 small businesses from tax

A major B&O (Business & Occupation) tax reform proposal was introduced today by Rep. MacEwen. The proposal (HB 2150) is a variation of the Single Business Tax WPC first proposed in 2010. Under HB 2150 the dozens of current B&O tax classifications and numerous preferences would be replaced with three new rates with every business being provided one of three standard deductions to choose from to determine their taxable margin . . . READ MORE