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House Finance committee advances bill that narrows several B&O and other tax preferences
Summary
The House Finance Committee voted to report Engrossed Substitute Senate Bill 57 94 out of committee with a due-pass-as-amended recommendation after adopting a striking amendment that removes or modifies several business-and-occupation (B&O) and other tax preferences; final committee vote was 10-5.
The House Finance Committee on Tuesday voted to report Engrossed Substitute Senate Bill 57 94 out of committee with a due-pass-as-amended recommendation after adopting a striking amendment that alters a range of business-and-occupation (B&O) tax preferences.
The striking amendment (H-2325.1) — described to the committee by staff member Christina King — moves B&O tax rates for gross receipts from individual self-storage rentals into the service and other activities RCW section, clarifies that sale of real estate does not include gross proceeds from individual storage rentals or leases, and restores a number of preferential B&O treatments for specific activities and entities. King told the committee the striker “aligns the business and occupation tax rates on gross receipts derived from the rental of individual self storage units with the business and occupation service and other activities tax rates by placing the storage unit rates into the service and other activities RCW…
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