Analysis Complete for Substitute House Bill 2157
Office of the Governor / Office of Financial Management sent this bulletin at 05/13/2019 03:53 PM PDT
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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 |
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.