business and occupation tax

Business and Occupation (B&O) tax is a tax that businesses must pay based on their gross income, rather than profits. This means that the tax is applied to total revenue, irrespective of expenses. It is commonly used by various local governments as a way to generate revenue to fund public services. Different rates may apply depending on the type of business or industry. Businesses collect this tax from customers and remit it to the government, contributing to community services like infrastructure and public safety.