Heads up business owners in Hopkinsville-Christian County—the Net Profit License Fee structure will have some changes take effect on July 1.
The change is intended to reduce fees for many businesses, while also establishing a simplified processing structure for filers. According to a news release, chances including a lowering of the rate from 1.5 percent to 1.3 percent, reduction in the minimum license fee from $250 to $100 for businesses grossing more than $25,000 annually and a new $25 processing fee for businesses grossing $25,000 or less. Those businesses had previously been exempt from those fees.
If returns are filed after the deadline, then penalty and interest charges could apply.
Changes will first be applied to businesses with a March 31 fiscal year-end, with Net Profit License Fee Returns due on July 15.
Effected businesses will be informed ahead of the effective date through updated forms, notifications and outreach efforts from the City.
For additional information, contact the City of Hopkinsville Revenue Office at 270-890-0231.