retail advocate bpol tax 091411
DESCRIPTION
Virginia Retail Federation document explaining BPOL Tax to small businesses in the Greater Richmond Area. For more information, call us at 804-662-5500.TRANSCRIPT
BPOL TAX ORIGINALLY ESTABLISHED IN 1815 TO PAY FOR THE WAR OF 1812
TAX IS LEVIED ON GROSS RECEIPTS TAX IS PAID EVEN IF YOU MAKE “0” PROFITS
OR LOSE MONEY RETAILERS PAY THE TAX ON THEIR
INVENTORY INVESTMENTS.
AN OLD TAX THAT NEEDS TO GO AWAY
HENRICO COUNTY EXEMPTS THE FIRST $100,000 IN GROSS RECEIPTS
BUSINESSES UNDER $100,000 PAY A $30 LICENSE FEE.
HENRICO COUNTY
CHESTERFIELD COUNTY EXEMPTS THE FIRST $200,000 OF GROSS RECEIPTS
BUSINESS UNDER $200,000 PAY A $10 LICENSE FEE
CHESTERFIELD COUNTY
CITY OF RICHMOND HAS A $100,000 THRESHOLD, ONCE YOUR GROSS RECEIPTS EXCEED $100,000 YOU PAY ON THE FIRST $1.00 OF GROSS RECEIPTS.
CITY OF RICHMOND
HANOVER COUNTY HAS NO BPOL TAX
BUSINESSES PAY A MERCHANTS CAPITAL TAX, BASED ON INVENTORY
HANOVER COUNTY
BPOL Tax Restaurant example
Chesterfield Henrico Richmond
Sales $2,000,000 $ 2,000,000 $ 2,000,000
Allowed credit $ 200,000 100,000 0
Taxable amount $1,800,000 $ 1,900,000 $ 2,000,000
Tax x .0019 x .0020 x .36$ 3,420 $ 3,800 $ 7,200
BPOL Tax General Retail example
Chesterfield Henrico Richmond
Sales $2,000,000 $ 2,000,000 $ 2,000,000
Allowed credit $ 200,000 100,000 0
Taxable amount $1,800,000 $ 1,900,000 $ 2,000,000
Tax x .0019 x .0020 x .20$ 3,420 $ 3,800 $ 4,000
• City of Richmond business under $100,000 pay $30 license fee • County of Henrico business under $100,000 pay $30 licenese fee• County of Chesterfield business uner $200,000 pay $10 licensee fee
What do you pay IN BPOL TAX?
Chesterfield Henrico Richmond
1. Sales $ $ $
Allowed credit $ 200,000 100,000 0
Taxable amount $ $ $
Tax x .0019 x .0020 x .20$ $ $
• City of Richmond business under $100,000 pay $30 license fee • County of Henrico business under $100,000 pay $30 license fee• County of Chesterfield business under $200,000 pay $10 license fee
HENRICO CHESTERFIELD RICHMOND
RETAIL .20 .19 .20
SERVICES .20 .20 .36
PROFESSIONALSERVICES .20 .20 .58
CONTRACTORS .15 .14 .19
BPOL RATES BY LOCALITY
JOIN THE COALITION TO REPEAL BPOL
SEND YOUR CONTACT INFORMATION TO: [email protected]
SIGN ON TO THE COALITION BY OCTOBER 15 AND RECEIVE A VIRGINIA RETAIL FEDERATION REUSABLE GROCERY BAG
JOIN THE EFFORT TO REPEAL BPOL