Minimum to file PU tax return

From the 2024 DOR Tax Exemption Study

82.32.045(5)(a) - Minimum to file excise tax return Description A business is not required to file an excise tax return with the department if the business: - Has gross income subject to B&O tax of less than $125,000 per year. - Has gross income subject to PU tax of less than $24,000 per year. - Is not required to collect or pay sales tax to the department. - Is not required to collect or pay any other tax or fee to the department. Purpose To reduce administrative costs for taxpayers and the department. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would not increase revenue. The small business credit exemption offsets the B&O tax liability that results from a repeal. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions The tax savings from this exemption are included under the impacts of the small business credit (RCW 82.04.4451). Data Sources None Additional Additional Information Information Category: Business Year Enac