Washington DOR Issues Special Notice on B&O Tax Credit Increase for Small Businesses

The Washington Department of Revenue (DOR) Dec. 1 issued a special notice on the Business and Occupation (B&O) tax credit increase for small businesses, for excise tax purposes. The information includes: 1) beginning with filing periods that start on or after Jan. 1, 2023, the B&O tax credit for small businesses increases; 2) for businesses that report 50 percent or more of their income under service and other activities, gambling contests of chance, for-profit hospitals, and scientific research and development, the maximum credit increases to $160 per month; 3) for all the other B&O tax classifications, the maximum credit increases ...