Clarifies the scope of the investment income business and occupation tax deduction in Washington.

This bill amends the Washington business and occupation tax code to clarify the scope of the investment income deduction, ensuring it includes various types of investments and excludes certain loan-related activities. The changes aim to provide certainty for taxpayers following a state supreme court decision, while maintaining the tax treatment for similar instruments. The bill does not retroactively create a right of refund for taxes paid before its effective date.

Clarifies the scope of the investment income business and occupation tax deduction in Washington.

This bill amends the Washington business and occupation tax code to clarify the scope of the investment income deduction, ensuring it includes various types of investments and excludes certain loan-related activities. The changes aim to provide certainty for taxpayers following a state supreme court decision, while maintaining the tax treatment for similar instruments. The bill does not retroactively create a right of refund for taxes paid before its effective date.