Washington HB2045 restructures the business and occupation tax to increase revenue from high-grossing businesses and financial institutions.

Washington HB2045 introduces a new tax structure to generate additional revenue from high-grossing businesses and financial institutions. The bill imposes an additional tax on specified financial institutions, defined as those with annual net income of at least $1 billion. The tax rate is set at 1.2 percent of the gross income of these institutions. The revenue generated is intended to support funding for education, public safety, health care, and basic human needs. The bill also includes provisions for tax exemptions and definitions related to financial institutions and their activities.

Washington HB2045 restructures the business and occupation tax to increase revenue from high-grossing businesses and financial institutions.

Washington HB2045 introduces a new tax structure to generate additional revenue from high-grossing businesses and financial institutions. The bill imposes an additional tax on specified financial institutions, defined as those with annual net income of at least $1 billion. The tax rate is set at 1.2 percent of the gross income of these institutions. The revenue generated is intended to support funding for education, public safety, health care, and basic human needs. The bill also includes provisions for tax exemptions and definitions related to financial institutions and their activities.