A working group has been formed to study changes to the state’s tax structure before coming up with recommendations a year from now.
The Legislature formed the group over growing dissatisfaction with the state’s business and occupation (B&O) tax that especially hinders startups or companies with thin profit margins. A similar 2002 tax study group recommended replacing the B&O, which collects taxes on gross receipts, with a graduated personal income tax and a capital gains tax.
The online news source The Lens has a new story out regarding options that the workgroup might weigh. Read more.