Henrico County is proposing to expand tax relief for businesses by doubling the threshold at which companies pay taxes on their gross receipts.
The county's threshold for the Business, Professional and Occupational License (BPOL) tax would increase from $500,000 currently to $1 million beginning July 1 under the proposed budget for fiscal year 2024-25.
"That means that 1,300 businesses in the county will no longer pay the tax and thousands of businesses will see their tax burden reduced as a result of the threshold going up," says Anthony Romanello, executive director of the Henrico Economic Development Authority.
The Board of Supervisors will hold a public hearing on the proposed budget March 26. The Board is scheduled to vote on the budget
April 9. Watch
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