By Keiter CPAs
Henrico Considers Additional Measures to Assist County Businesses by Increasing Threshold for Business License Taxes (BPOL)
The Henrico County Board of Supervisors is considering a measure to provide additional assistance to County businesses. This measure is not due to the COVID-19 pandemic but rather part of the County’s continuing efforts to help small businesses.
Increasing Henrico County’s Business License Taxes (BPOL)
The proposed measure is to increase the County’s threshold for business license taxes (BPOL) from $400,000 to $500,000, meaning businesses with gross receipts of $500,000 or less would not have to pay the County business license tax; those businesses with gross receipts in excess of $500,000 will be able to deduct that amount from their reportable receipts.
The County has raised the BPOL threshold two other times in recent years and estimates approximately 500 additional County businesses may be affected by this proposed change. A public hearing on this business tax saving proposal will be held on April 28, 2020.
It is currently unclear whether the County will continue to move forward with this proposed increase in the BPOL tax threshold given budgetary uncertainties due to the cononavirus. We will be providing updates on this issue as they become available.
Questions on local tax changes that may impact your business? We can help. Contact your Keiter representative or our State and Local tax team. Email | 804.747.0000
Additional State and Local Tax Resources:
Resources for Virginia Businesses Navigating COVID-19
It is that time of year: BPOL renewals
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Keiter CPAs
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More Insights from Keiter CPAsThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
