Jan 18, 2016
From KPMG TaxWatch
On December 1, 2015, Seattle Mayor Edward Murray signed an ordinance repealing the City’s square footage business tax. In 2008, the City made significant changes to its business license tax regime (its B&O tax). To protect against a projected revenue loss from the modified B&O tax, the City implemented the square footage business tax to complement the B&O tax. The square footage tax included several credits designed to reduce the amount of square footage tax due for a taxpayer required to remit more under the current B&O tax regime than under the pre-2008 regime. To claim these credits, taxpayers were required to calculate Seattle revenue and tax due under both pre- and post-2008 B&O tax methodologies.
In the preamble to its ordinance repealing the square footage tax, the City indicated its desire to simplify the tax code and encourage economic activity and job growth in Seattle. The square footage tax will remain in effect for periods January 1,
For more information about TWIST or to view archived episodes, please visit our TWIST homepage.
To receive TWIST e-mails each Monday morning, make sure that state, local and indirect is checked off as one of your topics of interest on the KPMG TaxWatch registration site.
The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.
The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.