Eliminates investment income deduction for business and occupation tax for corporations and business entities.

Washington HB1284 eliminates the business and occupation tax deduction for investment income for corporations and other business entities. The bill aims to close a tax loophole that benefits companies generating revenue from investments made outside of the state, ensuring they pay their fair share towards public education and state services. The deduction is considered harmful to the state's constitutional obligation to significantly increase funding for public schools and children's education. The changes take effect August 1, 2025.

Eliminates investment income deduction for business and occupation tax for corporations and business entities.

Washington HB1284 eliminates the business and occupation tax deduction for investment income for corporations and other business entities. The bill aims to close a tax loophole that benefits companies generating revenue from investments made outside of the state, ensuring they pay their fair share towards public education and state services. The deduction is considered harmful to the state's constitutional obligation to significantly increase funding for public schools and children's education. The changes take effect August 1, 2025.