Seattle council rejects more aid for small businesses but will weigh B&O tax cut

As it divvied up the anticipated proceeds from the more than $200 million-a-year Jump Start corporate payroll tax Wednesday, a Seattle City Council committee narrowly rejected a proposal to provide additional financial support for small businesses.

The council, however, unanimously OK'd an amendment stating it intends to consider a future ordinance to reduce the business-and-occupation (B&O) tax obligations for some small businesses.

Initially projected to raise $214.3 million a year, the payroll tax now could raise as much as $246 million annually starting in 2022, according to an updated spending plan that members of the the council budget committee reviewed.

Most of the money will go toward building and buying low-income housing with the rest funding local businesses and tourism, Green New Deal-style programs and the city's Equitable Development Initiative.

https://www.bizjournals.com/seattle/news/2020/07/15/seattle-council-small-business-aid-bo-tax-cut.html