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Kent council agrees to adjust B&O tax rate for corporations with more than $100 million in revenue
Summary
City staff reported the Kent City Council agreed to adjust the Business and Occupation (B&O) tax rate for large corporations with revenue above $100,000,000; the transcript did not include vote tallies or ordinance details.
City staff reported that the Kent City Council agreed to adjust the city’s Business and Occupation (B&O) tax rate for corporations with annual revenue above $100,000,000.
The staff member said the additional income from the change "will allow us to better support existing programs here at the City." The council's motion and the adjustment threshold were stated by staff during the meeting; the transcript did not include the ordinance number, the precise new rate, the mover and seconder of the motion, or the vote tally.
Votes at a glance: the council "agreed to adjust" the B&O tax rate for large corporations (threshold stated as over $100,000,000 in revenue). Vote tally and ordinance identifiers were not specified in the recorded remarks.
Why it matters: Changes to the B&O rate alter the city's revenue base and can affect funding for municipal programs. The transcript provided the threshold and the stated purpose for revenue but did not provide implementation details, effective dates or legal citations.
