March 20, 1996 in Nation/World

Small Businesses Exempt From Filing

From Staff And Wire Reports
 

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.

, DataTimes

Get stories like this in a free daily email


Please keep it civil. Don't post comments that are obscene, defamatory, threatening, off-topic, an infringement of copyright or an invasion of privacy. Read our forum standards and community guidelines.

You must be logged in to post comments. Please log in here or click the comment box below for options.

comments powered by Disqus