Notice of Introduction for Senate Bill 6248 - Update: 10 Year Analysis Complete
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UPDATE: The 10 year analysis for SB 6248, titled AN ACT Relating to modifying the capital gains tax under chapter 82.87 RCW and related statutes by closing loopholes, repealing and replacing the business and occupation tax credit with a capital gains
tax credit, clarifying ambiguities and making technical corrections in a manner that is not estimated to affect state or local tax collections, treating spouses and domestic partners more consistently, modifying and adding definitions, creating a good faith
penalty waiver, and modifying the public, has been completed. 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 |
Business and occupation tax |
Capital gains |
Total |
|
|
|
||||
|
2024 |
$0 |
$0 |
$0 |
|
|
2025 |
$0 |
$0 |
$0 |
|
|
2026 |
$0 |
$0 |
$0 |
|
|
2027 |
$18,200,000 |
($18,200,000) |
$0 |
|
|
2028 |
$19,100,000 |
($19,100,000) |
$0 |
|
|
2029 |
$20,400,000 |
($20,400,000) |
$0 |
|
|
2030 |
$21,400,000 |
($21,400,000) |
$0 |
|
|
2031 |
$22,500,000 |
($22,500,000) |
$0 |
|
|
2032 |
$23,700,000 |
($23,700,000) |
$0 |
|
|
2033 |
$24,900,000 |
($24,900,000) |
$0 |
|
|
|
||||
|
Total: |
$150,200,000 |
($150,200,000) |
$0 |
|
Ten-year projection prepared in consultation with the following agencies:
Department of Revenue
Bill sponsors and contact information:
Senator June Robinson, Prime Sponsor
Democrat
(360) 786-7674
june.robinson@leg.wa.gov
Senator Joe Nguyen
Democrat
(360) 786-7667
joe.nguyen@leg.wa.gov
Senator T'wina Nobles
Democrat
(360) 786-7654
T'wina.Nobles@leg.wa.gov
Senator Rebecca Saldaña
Democrat
(360) 786-7688
rebecca.saldana@leg.wa.gov
Senator Yasmin Trudeau
Democrat
(360) 786-7652
yasmin.trudeau@leg.wa.gov
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp