Notice of Introduction for Senate Bill 5426 - Update: 10 Year Analysis Completed

Office of Financial Management

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SB 5426, 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 introduced in the Senate. 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:

Senator Sam Hunt, Prime Sponsor
Democrat
(360) 786-7642
Sam.Hunt@leg.wa.gov

Senator Steve Conway
Democrat
(360) 786-7656
steve.conway@leg.wa.gov

Senator Mona Das
Democrat
(360) 786-7692
DAS_MO@leg.wa.gov

Senator Manka Dhingra
Democrat
(360) 786-7672
Manka.Dhingra@leg.wa.gov

Senator Bob Hasegawa
Democrat
(360) 786-7616
bob.hasegawa@leg.wa.gov

Senator Karen Keiser
Democrat
(360) 786-7664
Karen.Keiser@leg.wa.gov

Senator Patty Kuderer
Democrat
(360) 786-7694
patty.kuderer@leg.wa.gov

Senator Liz Lovelett
Democrat
(360) 786-7678
Liz.Lovelett@leg.wa.gov

Senator Joe Nguyen
Democrat
(360) 786-7667
NGUYEN_JO@leg.wa.gov

Senator Rebecca Saldaña
Democrat
(360) 786-7688
rebecca.saldana@leg.wa.gov

Senator Derek Stanford
Democrat
(360) 786-7600
Derek.Stanford@leg.wa.gov

Senator Claire Wilson
Democrat
(360) 786-7658
WILSON_CL@leg.wa.gov




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

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