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Business and occupation tax credit increase for small businesses
Business and occupation tax credit increase for small businesses
Issue Date
Intended audience: Small businesses.
Beginning with filing periods that start on or after January 1, 2023, the business and occupation (B&O) tax credit for small businesses increases.
What changed?
For businesses that report 50% or more of their income under Service and Other Activities, Gambling Contests of Chance, For Profit Hospitals, and/or Scientific R&D, the maximum credit increases to $160 per month.
For all other B&O tax classifications, the maximum credit increases to $55 per month.
What do I need to do?
Nothing. Our system will automatically calculate your small business B&O tax credit when you file electronically.
More information
Questions
Please visit our credits page or call 360-705-6705.