Notice of Public Hearing for House Bill 1406 - Update: 10 Year Analysis Completed

Office of Financial Management

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HB 1406, titled AN ACT Relating to improving the equity of Washington state's tax code by creating the Washington state wealth tax and taxing extraordinary financial intangible assets, has been scheduled for a public hearing by the House Committee on Finance.

Date and Time: 02/02/2021 1:30PM (Subject to change by the Legislature.)
Location: , Virtual, ,

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

   Wealth Tax

 

2022

$

2023

                               0

2024

2,424,000,000

2025

2,525,000,000

2026

2,451,000,000

2027

2,379,000,000

2028

2,316,000,000

2029

2,257,000,000

2030

2,200,000,000

2031

2,144,000,000

 

Total:

$ 18,696,000,000


Ten-year projection prepared in consultation with the following agencies:

Department of Revenue


Bill sponsors and contact information:

Representative Noel Frame, Prime Sponsor
Democrat
(360) 786-7814
noel.frame@leg.wa.gov

Representative Pat Sullivan
Democrat
(360) 786-7858
Pat.Sullivan@leg.wa.gov

Representative Timm Ormsby
Democrat
(360) 786-7946
timm.ormsby@leg.wa.gov

Representative Lillian Ortiz-Self
Democrat
(360) 786-7972
lillian.ortiz-self@leg.wa.gov

Representative Steve Kirby
Democrat
(360) 786-7996
Steve.Kirby@leg.wa.gov

Representative Lauren Davis
Democrat
(360) 786-7910
DAVIS_LA@leg.wa.gov

Representative Jessica Bateman
Democrat
(360) 786-7992
jessica.bateman@leg.wa.gov

Representative Javier Valdez
Democrat
(360) 786-7818
javier.valdez@leg.wa.gov

Representative Shelley Kloba
Democrat
(360) 786-7900
Shelley.Kloba@leg.wa.gov

Representative Gerry Pollet
Democrat
(360) 786-7886
gerry.pollet@leg.wa.gov

Representative Amy Walen
Democrat
(360) 786-7848
WALEN_AM@leg.wa.gov

Representative Laurie Dolan
Democrat
(360) 786-7940
Laurie.Dolan@leg.wa.gov

Representative Tarra Simmons
Democrat
(360) 786-7934
Tarra.Simmons@leg.wa.gov

Representative Eileen Cody
Democrat
(360) 786-7978
Eileen.Cody@leg.wa.gov

Representative Alex Ramel
Democrat
(360) 786-7970
alex.ramel@leg.wa.gov

Representative Debra Lekanoff
Democrat
(360) 786-7800
LEKANOFF_DE@leg.wa.gov

Representative Davina Duerr
Democrat
(360) 786-7928
DUERR_DA@leg.wa.gov

Representative Cindy Ryu
Democrat
(360) 786-7880
cindy.ryu@leg.wa.gov

Representative Liz Berry
Democrat
(360) 786-7860
Liz.Berry@leg.wa.gov

Representative Strom Peterson
Democrat
(360) 786-7950
strom.peterson@leg.wa.gov

Representative David Hackney
Democrat
(360) 786-7956
David.Hackney@leg.wa.gov

Representative Frank Chopp
Democrat
(360) 786-7920
frank.chopp@leg.wa.gov

Representative Nicole Macri
Democrat
(360) 786-7826
nicole.macri@leg.wa.gov

Representative Steve Bergquist
Democrat
(360) 786-7862
Steve.Bergquist@leg.wa.gov

Representative Marcus Riccelli
Democrat
(360) 786-7888
marcus.riccelli@leg.wa.gov

Representative Kirsten Harris-Talley
Democrat
(360) 786-7838
Kirsten.Harris-Talley@leg.wa.gov


House Committee on Finance members and contact information:

Representative April Berg
Democrat
(360) 786-7892
April.Berg@leg.wa.gov

Representative Rob Chase
Republican
(360) 786-7984
Rob.Chase@leg.wa.gov

Representative Frank Chopp
Democrat
(360) 786-7920
frank.chopp@leg.wa.gov

Representative Jeremie Dufault
Republican
(360) 786-7874
DUFAULT_JE@leg.wa.gov

Representative Noel Frame
Democrat
(360) 786-7814
noel.frame@leg.wa.gov

Representative Kirsten Harris-Talley
Democrat
(360) 786-7838
Kirsten.Harris-Talley@leg.wa.gov

Representative Melanie Morgan
Democrat
(360) 786-7906
MORGAN_ME@leg.wa.gov

Representative Ed Orcutt
Republican
(360) 786-7990
Ed.Orcutt@leg.wa.gov

Representative Tina Orwall
Democrat
(360) 786-7834
tina.orwall@leg.wa.gov

Representative Alex Ramel
Democrat
(360) 786-7970
alex.ramel@leg.wa.gov

Representative Larry Springer
Democrat
(360) 786-7822
larry.springer@leg.wa.gov

Representative Drew Stokesbary
Republican
(360) 786-7846
Drew.Stokesbary@leg.wa.gov

Representative My-Linh Thai
Democrat
(360) 786-7926
THAI_MY@leg.wa.gov

Representative Brandon Vick
Republican
(360) 786-7850
brandon.vick@leg.wa.gov

Representative Amy Walen
Democrat
(360) 786-7848
WALEN_AM@leg.wa.gov

Representative Sharon Wylie
Democrat
(360) 786-7924
Sharon.Wylie@leg.wa.gov

Representative Jesse Young
Republican
(360) 786-7964
Jesse.Young@leg.wa.gov



Legislative Bill Information Website: http://apps.leg.wa.gov/billinfo/

Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp