Bill clarifies reversion B&O rate if newspaper exemption is lost
Senate Bill 5458 would clarify the business-and-occupation tax rate that applies to newspaper businesses if they are found ineligible for a total B&O exemption enacted last year; the bill designates 0.484% as the reversion rate.
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A committee staff report and media-industry testimony explained that Senate Bill 5458 clarifies the tax rate that would apply if a newspaper business is found ineligible for the total B&O exemption enacted in 2023.
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