Imposes an additional business and occupation tax (B&O), on persons engaging in business activities that are subject to tax under other sections of chapter 82.04 RCW (B&O taxes), that is equal to the tax payable under all other sections of chapter 82.04 RCW (B&O taxes) multiplied by seven percent.

Allows a B&O tax deduction of no more than sixteen thousand six hundred sixty-seven dollars multiplied by the number of months in the reporting period.

Authorizes the department of revenue to relieve a person of the requirement to file returns and pay taxes otherwise due under chapter 82.04 RCW (B&O taxes) and chapter 82.16 RCW (public utility taxes) if certain conditions are met.