All the attention may be on recent debates around the state’s coming income tax on high earners, but business owners also will be seeing a bigger tax bill.
The business and occupation (B&O) tax rate for a slew of business activities will increase to 0.5% as of Jan. 1, according to the state Department of Revenue.
Many businesses in the affected categories, such as general and aviation manufacturing, retailing and insurance providers, will see a minimal increase from a current rate of between 0.47% and 0.48%. However, the rate for prescription drug warehousing will more than double from its current rate of 0.138%…