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Finance Committee adopts ordinance updating B&O exemptions, cites $530,000 annual auto tax loss
Summary
The City of Charleston Finance Committee on Oct. 6 approved Bill 80-58 to align the municipal B&O tax with recent state law changes, including a phaseout of the tax on new automobile sales and an exemption for businesses with under $2,500 in annual gross receipts.
The City of Charleston Finance Committee on Oct. 6 approved Bill 80-58, a municipal code amendment to update exemptions to the city's business and occupation (B&O) tax to mirror recent state law changes. The committee adopted the bill during its regular meeting at Charleston City Hall.
City Attorney Kevin Baker said the bill implements changes enacted by the state legislature, including the phaseout of the B&O tax on new automobile sales and a new exemption for businesses with…
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