The Business Income and Receipts Tax (BIRT) is the third-largest source of General Fund tax revenue at a projected $515.5 million in FY22. It is based on both gross receipts (sales) and net income (profits). By FY23, the net income rate will fall to 6.00% and drop to 5.25% by the end of the Plan.
| Fiscal Year | Gross Receipts | Net Income Tax Rate |
|---|---|---|
| 2020 | 0.1415% | 6.20% |
| 2021 | 0.1415% | 6.10% |
| 2022 | 0.1415% | 6.00% |
| 2023 | 0.1415% | 5.75% |
| 2024 | 0.1415% | 5.50% |
| 2025 | 0.1415% | 5.25% |
