Washington Gov. Mike Lowry signed into law Tuesday a bill that will save 140,000 small businesses in the state the trouble of filing tax returns.
Only those businesses that gross more than $24,000 must continue to file returns, unless they are retailers that collect the state’s sales tax.
The bill also exempts public utilities and small truckers grossing less than $24,000. Those grossing less than $12,000 no longer even need to register.
“It makes no sense to require small businesses in our state to file paperwork for no purpose,” Lowry said. “Nor does it make any sense for the government to process it.
“This is true regulatory reform.”
Of the 140,000 businesses affected by the measure signed Tuesday, 84,000 qualified for some small-business tax credits, which helped minimize the revenue reduction for the state.
The Department of Revenue estimates the measure will deprive the treasury of $700,000 annually, a sum officials expect to recover by focusing compliance efforts on the state’s larger taxpayers.
sponsored According to two 2015 surveys, 62 percent of Americans do not have enough savings to handle an unexpected emergency, much less any long-term plans.