The business and occupation (B&O) tax rate for businesses who print and/or publish newspapers is 0.35%. This rate expires July 1, 2024, when it will increase to 0.484%.
Who qualifies for this preferential rate?
- Businesses who print newspapers.
- Businesses who publish newspapers.
- Businesses who print and publish newspapers.
What is a newspaper?
A newspaper is a publication that is issued regularly at least twice per month. Newspapers are printed on newsprint and folded loosely together without any kind of binding.
A newspaper also includes an electronic version of a printed newspaper that shares content with the printed newspaper. The electronic version must be identified by the same name as the printed newspaper, or be clearly indicated as a complement to the printed newspaper.
What types of income qualify for this preferential rate?
The total gross income from printing and/or publishing newspapers, including advertising income, qualifies for the Publication of Newspapers B&O tax rate.
Annual tax performance report is required
Any business that reports their income under this preferential rate must file an Annual Tax Performance Report by May 31 of the following year. Failure to file the annual report will result in the reclassification of income to the Printing and Publishing B&O tax rate. Interest will be assessed on the difference in tax due.