Analysis Complete for Substitute House Bill 2157

Office of Financial Management

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SHB 2157, titled AN ACT Relating to updating the Washington tax structure to address the needs of Washingtonians, 10 year analysis 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

$ 2,400,000

$ 25,559,000

$ 27,959,000

2021

2,700,000

28,557,000

$ 31,257,000

2022

2,800,000

29,232,000

$ 32,032,000

2023

2,900,000

29,925,000

$ 32,825,000

2024

3,000,000

30,829,000

$ 33,829,000

2025

3,100,000

31,806,000

$ 34,906,000

2026

3,200,000

32,849,000

$ 36,049,000

2027

3,300,000

33,955,000

$ 37,255,000

2028

3,300,000

35,135,000

$ 38,435,000

2029

3,400,000

34,784,000

$ 38,184,000

Total:

$ 30,100,000

$ 312,631,000

$ 342,731,000





This bill updates the Washington state tax structure.

 

Sections 301 and 302:  Adds a new section to chapter 82.04 (Business and Occupation Tax) providing a tax exemption for qualifying hospitals. 

 

The bill does not direct the Department of Health to do anything, therefore, no fiscal impact.

 

The Office of Financial Management receives no cash receipts for the requirements of this bill.