Imposes a business and occupation tax on state-chartered credit unions merging with commercial banks.

The bill amends the Washington State tax code to impose a business and occupation tax on state-chartered credit unions that merge with commercial banks. This tax applies starting October 1, 2025, and is calculated at 1.2 percent of the credit union's gross income. Previously exempt from such taxes, these credit unions will now be subject to this tax upon merging with a commercial bank.

Imposes a business and occupation tax on state-chartered credit unions merging with commercial banks.

The bill amends the Washington State tax code to impose a business and occupation tax on state-chartered credit unions that merge with commercial banks. This tax applies starting October 1, 2025, and is calculated at 1.2 percent of the credit union's gross income. Previously exempt from such taxes, these credit unions will now be subject to this tax upon merging with a commercial bank.