Minimum income threshold - $2,000 per month

From the 2024 DOR Tax Exemption Study

82.16.040 - Minimum income threshold - $2,000 per month Description The public utility tax does not apply to a business whose total gross income is less than $2,000 per month. Public utility tax applies to the total monthly gross income if it equals or exceeds $2,000 per month. Purpose To encourage new or small public utility businesses and for administrative convenience. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $2.156 $2.205 $2.265 $2.338 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $2.021 $2.265 $2.338 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the public utility taxable activity growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. Data Sources - Department of Revenue, Excise tax data - Economic and Revenue Forecast Council, March 2023 forecast Additional Additional Information Information Category: Business