Tax Exemption Granted to Publishing Industry Leaders in Washington State

• Certain businesses in Washington state engaged in printing or publishing will be exempt from the B&O tax starting January 1, 2024
• The exemption applies if more than half of their global income comes from these activities
• Exemption will be reduced by any expenditures during a reporting period
• To claim the exemption, businesses need to file an Annual Tax Performance report by May 31st each year
• Failure to file the report will result in a reduction of the claimed exemption
• The exemption applies to newspapers and eligible digital content
• The legislation enabling this exemption was signed by Governor Jay Inslee in May 2023 and expires on January 1, 2034
• Businesses with sales to Washington customers may be subject to the B&O tax
• Taxpayers should review sales tax implications and ensure compliance with both tax types
• Sellers, not purchasers, incur the B&O tax.

Source: salestaxinstitute.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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