Small businesses are a vital part of Seattle’s economy – and this week, many will receive tax relief from new business and occupation (B&O) tax legislation. Mayor Greg Nickels has signed legislation raising the threshold for the amount of gross income a business earns before paying B&O taxes in Seattle to $100,000, from the current $80,000. The legislation was passed by the City Council last week.
“This is the right action at the right time to help more of our small businesses weather the current economic downturn. I applaud the Council for taking this step to help our local businesses and economy,” said Nickels.
The current legislation will affect about 3,000 small businesses, saving them about $500,000 in 2010.
“We are a local family-owned restaurant located close to the Mt. Baker Station with three employees, and this tax break will help our business,” said Yilikal Ademe, owner of Café Ibex.
For more information, read the Mayor’s full press release.