Notice of Introduction for House Bill 1537 - Update: 10 Year Analysis Complete
Office of the Governor / Office of Financial Management sent this bulletin at 03/16/2021 02:23 PM PDT
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HB 1537, titled AN ACT Relating to terminating certain tax preferences for fossil fuel products, has been introduced in the House of Representatives. 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 |
Petroleum Products Tax |
Public Utility Tax |
Retail Sales Tax |
Total |
|
|
|
|||||
|
2022 |
$ 60,000 |
$ 3,083,000 |
$ 1,603,000 |
$ 4,746,000 |
|
|
2023 |
70,000 |
7,362,000 |
1,903,000 |
$ 9,335,000 |
|
|
2024 |
70,000 |
7,264,000 |
2,003,000 |
$ 9,337,000 |
|
|
2025 |
70,000 |
7,266,000 |
2,003,000 |
$ 9,339,000 |
|
|
2026 |
70,000 |
7,167,000 |
2,103,000 |
$ 9,340,000 |
|
|
2027 |
70,000 |
6,969,000 |
2,103,000 |
$ 9,142,000 |
|
|
2028 |
70,000 |
6,870,000 |
2,204,000 |
$ 9,144,000 |
|
|
2029 |
70,000 |
6,672,000 |
2,204,000 |
$ 8,946,000 |
|
|
2030 |
70,000 |
6,473,000 |
2,304,000 |
$ 8,847,000 |
|
|
2031 |
70,000 |
6,275,000 |
2,404,000 |
$ 8,749,000 |
|
|
|
|||||
|
Total: |
$ 690,000 |
$ 65,401,000 |
$ 20,834,000 |
$ 86,925,000 |
|
Ten-year projection prepared in consultation with the following agencies:
Department of Revenue
Bill sponsors and contact information:
Representative Alex Ramel, Prime Sponsor
Democrat
(360) 786-7970
alex.ramel@leg.wa.gov
Representative Kirsten Harris-Talley
Democrat
(206) 971-1222
Kirsten.Harris-Talley@leg.wa.gov
Representative Liz Berry
Democrat
(206) 709-5260
Liz.Berry@leg.wa.gov
Representative Nicole Macri
Democrat
(206) 333-4228
nicole.macri@leg.wa.gov
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp