Amendments to the Chesterfield County Code of Ordinances will help residents and businesses save money in tax year 2017.
The changes were adopted by the Chesterfield County Board of Supervisors Wednesday following public hearings on each amendment.
More than 700 small businesses in Chesterfield County will benefit from a change which permits businesses with less than $300,000 in gross receipts to pay a flat $10 fee for business license tax, rather than industry classification tax rates. The threshold will be automatically adjusted each year for inflation.
This is part of the county’s new Small Business Jumpstart initiative, which provides incentives to grow small business in Chesterfield County.
“Small businesses, those with less than 250 employees, make up more than 99 percent of Chesterfield County’s business base,” said Garrett Hart, director of economic development. “They are key contributors to the county’s economy in jobs and services. The Board of Supervisors has long supported small business and the Jumpstart initiative is designed to further support these businesses. Increasing the gross receipts threshold will mean more small business will have no tax liability for their business license tax.”
Additionally, the board voted to revise the code so that no tangible personal property tax bill be issued or collected for a sum less than $10. This is also part of the Jumpstart initiative, and it helps provide business personal property tax relief for small businesses with less than $275 worth of tangible personal property assets.
The board also voted to exempt personal, non-motorized watercraft under 18 feet long from taxation and to eliminate the late filing penalty for motor vehicles. In addition, the board eliminated the one-time registration fee for antique vehicles, which was $5.
“The revenue implications have already been accounted for in most instances with the adoption of the FY17 budget,” said Allan Carmody, director of budget and management.
