10 Year Analysis Complete for House Bill 1416
Office of the Governor / Office of Financial Management sent this bulletin at 02/03/2025 04:22 PM PST
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UPDATE: The 10 year analysis for HB 1416, titled AN ACT Relating to increasing tobacco and vapor products taxes, 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 |
Cigarette tax |
Other taxes |
Other tobacco products tax |
Retail sales tax |
Total |
|
|
|
|||||||
|
2026 |
($17,000) |
$5,857,000 |
$616,000 |
$1,420,000 |
($362,000) |
$7,514,000 |
|
|
2027 |
($42,000) |
$13,598,000 |
$1,478,000 |
$3,462,000 |
($827,000) |
$17,669,000 |
|
|
2028 |
($43,000) |
$13,128,000 |
$1,478,000 |
$3,525,000 |
($797,000) |
$17,291,000 |
|
|
2029 |
($43,000) |
$12,580,000 |
$1,478,000 |
$3,597,000 |
($767,000) |
$16,845,000 |
|
|
2030 |
($44,000) |
$12,053,000 |
$1,478,000 |
$3,680,000 |
($743,000) |
$16,424,000 |
|
|
2031 |
($45,000) |
$11,547,000 |
$1,478,000 |
$3,776,000 |
($725,000) |
$16,031,000 |
|
|
2032 |
($46,000) |
$11,060,000 |
$1,478,000 |
$3,885,000 |
($712,000) |
$15,665,000 |
|
|
2033 |
($48,000) |
$10,593,000 |
$1,478,000 |
$4,010,000 |
($705,000) |
$15,328,000 |
|
|
2034 |
($49,000) |
$10,144,000 |
$1,478,000 |
$4,154,000 |
($705,000) |
$15,022,000 |
|
|
2035 |
($51,000) |
$9,713,000 |
$1,478,000 |
$4,318,000 |
($710,000) |
$14,748,000 |
|
|
|
|||||||
|
Total: |
($428,000) |
$110,273,000 |
$13,918,000 |
$35,827,000 |
($7,053,000) |
$152,537,000 |
|
Ten-year projection prepared in consultation with the following agencies:
Department of Revenue
Bill sponsors and contact information:
Representative Kristine Reeves, Prime Sponsor
Democrat
(360) 786-7830
kristine.reeves@leg.wa.gov
Representative Lauren Davis
Democrat
(360) 786-7910
lauren.davis@leg.wa.gov
Representative Gerry Pollet
Democrat
(360) 786-7886
gerry.pollet@leg.wa.gov
Representative Davina Duerr
Democrat
(360) 786-7928
davina.duerr@leg.wa.gov
Representative Lisa Parshley
Democrat
(360) 786-7992
Lisa.Parshley@leg.wa.gov
Representative Strom Peterson
Democrat
(360) 786-7950
strom.peterson@leg.wa.gov
Representative Mia Gregerson
Democrat
(360) 786-7868
mia.gregerson@leg.wa.gov
Representative Jake Fey
Democrat
(360) 786-7974
jake.fey@leg.wa.gov
Representative Timm Ormsby
Democrat
(360) 786-7946
timm.ormsby@leg.wa.gov
Representative Natasha Hill
Democrat
(360) 786-7888
Natasha.Hill@leg.wa.gov
Representative Nicole Macri
Democrat
(360) 786-7826
nicole.macri@leg.wa.gov
Representative Shaun Scott
Democrat
(360) 786-7920
Shaun.Scott@leg.wa.gov
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp