Consolidation of Fund Classes
Rate consolidation simplifies and reduces taxes as follows:
Since implementation of the Small Business Exemption threshold of $100,000 in 2007 all gross receipts taxpayers, who file timely, will be paying no tax if their total taxable and non-taxable worldwide gross receipts fall below $100,000. Taxpayers with taxable and non-taxable gross receipts at or above the $100,000 threshold will pay one of six rates. Specific details can be found in the ordinance [PDF, 33 pages, 123 KB].
The 2008 RENEWALS will take into account the above changes. For NEW BUSINESSES starting in 2007, these new changes took effect immediately.
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