Prince William County Board of Supervisors Slashes Business Taxes

| April 23, 2015 | 0 Comments | Bristow Biz

IBelongPress Release provided by Prince William Chamber of Commerce

Tuesday, April 21, the Prince William County Board of Supervisors voted to reform the local Business, Professional, and Occupational Licensing (BPOL) Tax for the first time since 2012. The motion, made by Supervisor Marty Nohe (R-Coles) and seconded by Supervisor Maureen Caddigan (R-Potomac), passed 8-0.

The Board analyzed two separate budget proposals, one from Supervisors Candland (R-Gainesville) and Lawson (R-Brentsville) and the other prepared by County Executive Melissa Peacor based on recommendations made by the Board. Throughout Prince William County’s budget development process, BPOL reform received broad bi-partisan support from all members of the Board of County Supervisors and was included in each budget proposal.

The approved tax reform will raise the BPOL threshold from $250,000 to $300,000 in FY16 cutting taxes for over 350 small businesses whose gross receipts fall below the threshold and creating nearly $200,000 in tax savings. In addition to the FY16 threshold increase, Supervisor Nohe urged the board to include in its resolution language that expressed the Board’s intent to continue to raise the BPOL tax threshold by $50,000 each year until it reaches $500,000.

According to statistics provided by Prince William County’s Office of Management and Budget, raising the BPOL threshold to $500,000 over the next five years will return approximately $850,000 in tax savings to the business community and will impact over 1,000 small businesses. Prince William Chamber of Commerce President and CEO Debbie Jones said of the tax reform, “The business community appreciates the broad bi-partisan support BPOL reform experienced throughout the budget development process. This is the most significant business tax reform in recent years and will go a long way in attracting new businesses and expanding the existing business community in Prince William County.”

About the Prince William Chamber of Commerce:

The Prince William Chamber of Commerce is the largest voice for the business community in the Washington, DC Metropolitan region. Together with our nearly 1,600 members that represent over 70,000 employees, we work to create an environment where business and people thrive.  To accomplish this, we focus our efforts in the key areas of business growth, economic development, advocacy, education and community outreach.  In this way, we are building a solid foundation for the success of our business members and our community. For more information, visit our website at www.pwchamber.org or call the Prince William Chamber at 703-368-6600.

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