10 Year Analysis Complete for House Bill 1284

Office of the Governor / Office of Financial Management sent this bulletin at 02/03/2025 02:35 PM PST

Office of Financial Management

Having trouble viewing this email? View it as a Web page.

Bookmark and Share

You are receiving this email as a subscriber to the Initiative 960 email list. RCW 43.135.031 (I-960) requires that notices be sent each time a bill that raises taxes or fees is: introduced in either house; scheduled for a public hearing; approved by any legislative committee; or passed by either house of the Legislature.

Please note: This email message was sent from a notification-only address. Please do not reply to this message.

UPDATE: The 10 year analysis for HB 1284, titled AN ACT Relating to eliminating the investment income business and occupation tax deduction for corporations and other business entities, 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
Year

   Business and occupation tax

 

2026

$52,000,000

2027

$52,700,000

2028

$55,700,000

2029

$58,800,000

2030

$61,700,000

2031

$65,300,000

2032

$68,800,000

2033

$72,800,000

2034

$76,600,000

2035

$81,000,000

 

Total:

$645,400,000


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

Department of Revenue


Bill sponsors and contact information:

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

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

Representative Beth Doglio
Democrat
(360) 786-7940
beth.doglio@leg.wa.gov

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

Representative Sharlett Mena
Democrat
(360) 786-7996
sharlett.mena@leg.wa.gov

Representative Julia Reed
Democrat
(360) 786-7814
Julia.Reed@leg.wa.gov

Representative Shaun Scott
Democrat
(360) 786-7920
Shaun.Scott@leg.wa.gov

Senator Emily Alvarado
Democrat
(360) 786-7667
Emily.Alvarado@leg.wa.gov

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

Representative Darya Farivar
Democrat
(360) 786-7818
Darya.Farivar@leg.wa.gov

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

Representative Natasha Hill
Democrat
(360) 786-7888
Natasha.Hill@leg.wa.gov




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

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