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The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
In 2002, West Virginia had a per capita market income of $17,856, compared with $26,420 nationwide. In 2000, West Virginia had a poverty rate of 17.9%, compared to 12.4% nationwide. Fifteen counties in West Virginia were designated "distressed," and sixteen counties were designated "at-risk." No county received the "attainment" designation, and ...
To improve West Virginia's budget situation, he has proposed raising the state's revenue by $450 million, primarily by increasing the consumer sales tax, reinstituting the business and occupation (B & O) tax, and establishing a "rich man's" tax. [40] He also opposed plans to cut health and education spending. [41]
Arthur I. Boreman. Formation. June 20, 1863. Salary. $150,000 (2022) [1] Website. governor.wv.gov. The governor of West Virginia is the head of government of West Virginia [2] and the commander-in-chief of the state 's military forces. [3] The governor has a duty to enforce state laws, [2] and the power to either approve or veto bills passed by ...
West Virginia is a landlocked state in the Southern and Mid-Atlantic regions of the United States. [note 2] It is bordered by Pennsylvania to the north and east, Maryland to the east and northeast, Virginia to the southeast, Kentucky to the southwest, and Ohio to the northwest. West Virginia is the 10th-smallest state by area and ranks as the ...
Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% following the passage of the Tax Cuts and Jobs Act of 2017. State and local taxes and rules vary by jurisdiction, though many are based on federal concepts and definitions. Taxable income may differ from book income both as to timing of ...
The son of West Virginia Congressman Joe L. Smith, Hulett C. Smith was born in Beckley, West Virginia. Smith attended public schools in Raleigh County, and graduated with honors from the University of Pennsylvania 's Wharton School of Finance and Administration, where he majored in economics. Following his graduation from the Wharton School ...
Washington – no individual tax but has a business and occupation tax (B&O) on gross receipts, applied to "almost all businesses located or doing business in Washington." It varies from 0.138% to 1.9% depending on the type of industry.
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related to: wv occupation and business taxBest Tax Software for Young Adults - Money Under 30