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The original item was published from 10/7/2014 5:26:00 PM to 10/7/2014 5:36:09 PM.

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Business

Posted on: October 7, 2014

[ARCHIVED] 2015 Budget: B&O Tax Proposal

Our balanced budget for 2015 includes a proposed increase to our City’s business and occupation (B&O) taxes.

While we want Issaquah to remain a competitive place for businesses, rates must increase to ensure infrastructure and other essential government services remain at current levels. This increase also allows us to make new investments to better serve our community.

While Issaquah fared better than other cities due to growth in Issaquah Highlands and Talus, one of our primary revenue sources — sales and use taxes — is dependent upon consumer spending and can be highly volatile.

We’ve been very proactive in facing these challenges by reviewing our business processes, implementing a major reorganization and becoming self-insured for healthcare. In addition, we’re studying additional fee adjustments to ensure growth pays for itself, while reducing red tape for small businesses.

This proposal includes:

• Increasing B&O taxes for manufacturing, wholesale and retail companies from 0.0008 to 0.0015 effective April 1, 2015, and 0.002 effective Jan. 1, 2017.

• Increasing B&O taxes for printing/publishing, retail services and services/other from 0.001 to 0.0012, effective April 1, 2015.

Under the proposal, more than 30 percent of those who do business in Issaquah (with gross incomes of $100,000 or less) would be exempt, which creates further efficiencies.

To learn more, please visit issaquahwa.gov/bizinfo or attend an open house:

• 7:30-9 a.m. Tuesday, Oct. 14 in the Eagle Room at City Hall, 130 E. Sunset Way

• 5:30-7 p.m. Monday, Oct. 27 in the Eagle Room at City Hall, 130 E. Sunset Way

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