Retail Advocate BPOL Tax 091411
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Virginia Retail Federation document explaining BPOL Tax to small businesses in the Greater Richmond Area. For more information, call us at 804-662-5500.
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Retail Advocate BPOL Tax 091411
- 1. 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
- 2. HENRICO COUNTY EXEMPTS THE FIRST $100,000 IN GROSS RECEIPTS BUSINESSES UNDER $100,000 PAY A $30 LICENSE FEE. HENRICO COUNTY
- 3. CHESTERFIELD COUNTY EXEMPTS THE FIRST $200,000 OF GROSS RECEIPTS BUSINESS UNDER $200,000 PAY A $10 LICENSE FEE CHESTERFIELD COUNTY
- 4. 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
- 5. HANOVER COUNTY HAS NO BPOL TAX BUSINESSES PAY A MERCHANTS CAPITAL TAX, BASED ON INVENTORY HANOVER COUNTY
- 6. BPOL Tax Restaurant example ChesterfieldHenricoRichmond 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
- 8. County of Henrico business under $100,000 pay $30 licenese fee
- 10. County of Henrico business under $100,000 pay $30 license fee
- 12. JOIN THE EFFORT TO REPEAL BPOL JOIN THE COALITION TO REPEAL BPOL SEND YOUR CONTACT INFORMATION TO:LEN@RETAILMERCHANTS.COM SIGN ON TO THE COALITION BY OCTOBER 15 AND RECEIVE A VIRGINIA RETAIL FEDERATION REUSABLE GROCERY BAG