RICHMOND, Va. -- Looking to fill vacancies that amount to one-tenth of existing office space in the county, administrators in Henrico are planning to resume their recent practice of promoting economic investment by exempting more businesses from paying business license taxes.
And where it has previously increased its threshold for exemption in $100,000 increments over several years, the county this year is looking to double its exemption threshold for the so-called BPOL (Business, Professional, Occupational License) tax – from its current $500,000 level to $1 million.
The move would make businesses’ first $1 million in gross receipts exempt from the county’s BPOL tax rate of 20 cents per $100 and is included in the proposed fiscal year 2025 budget that was presented to county supervisors Tuesday evening.
The increase would exempt an additional 1,300 businesses in the county, bringing the total number of businesses that would pay no BPOL tax to 15,800, according to the county. That’s about 83 percent of the 19,000 businesses that are or would be subject to the county’s BPOL tax.
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