Analysis Complete for Engrossed Substitute Senate Bill 5997

Office of Financial Management

Having trouble viewing this email? View it as a Web page.

Bookmark and Share

You are receiving this email as a subscriber to the Initiative 960 email list. RCW 43.135.031 (I-960) requires that notices be sent each time a bill that raises taxes or fees is: introduced in either house; scheduled for a public hearing; approved by any legislative committee; or passed by either house of the Legislature.

Please note: This email message was sent from a notification-only address. Please do not reply to this message.

ESSB 5997, titled AN ACT Relating to eliminating or narrowing certain tax preferences to increase state revenue for essential public services, 10 year analysis is complete.

The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection:

Fiscal
Year

   B&O Tax

   Retail Sales Tax

Total

 

2020

$ -77,000

$ 25,541,000

$ 25,464,000

2021

-86,000

28,546,000

$ 28,460,000

2022

-88,000

29,247,000

$ 29,159,000

2023

-90,000

29,948,000

$ 29,858,000

2024

-93,000

30,849,000

$ 30,756,000

2025

-96,000

31,851,000

$ 31,755,000

2026

-99,000

32,853,000

$ 32,754,000

2027

-102,000

33,954,000

$ 33,852,000

2028

-106,000

35,156,000

$ 35,050,000

2029

-105,000

34,756,000

$ 34,651,000

 

Total:

$ -942,000

$ 312,701,000

$ 311,759,000