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Initiative 1098: Will business owners pay state income tax?

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Publication Date: June 2010

Publisher(s): Economic Opportunity Institute

Author(s): Marilyn Watkins; John Burbank

Series:

Special Collection:

Topic: Banking and finance (Taxation and tax policy)
Business (Business and business enterprises)

Keywords: business; taxes

Type: Fact sheet

Abstract:

Under the provisions of Iā€1098, a business owner claiming business income on their personal tax return would only be taxed if his/her total income exceeds $200,000 for single filers or $400,000 for joint filers ā€“ and then only on the amount exceeding that income threshold. Just how many filers who claimed business income would have paid income tax under Iā€1098 in previous years?