Washington HB2081 modifies business and occupation tax rates, surcharges, and caps, and creates a temporary surcharge on large companies.

Washington HB2081 modifies business and occupation tax rates for various businesses, including manufacturing, aerospace, and financial institutions. It introduces a temporary surcharge on large companies with annual revenues over $250 million. The bill also clarifies the business and occupation tax deduction for certain investments, ensuring that nondeductible investment income is subject to the service and other activities tax classification. Revenues from the surcharge will be deposited into the general fund, with a portion allocated to the workforce education investment account.

Washington HB2081 modifies business and occupation tax rates, surcharges, and caps, and creates a temporary surcharge on large companies.

Washington HB2081 modifies business and occupation tax rates for various businesses, including manufacturing, aerospace, and financial institutions. It introduces a temporary surcharge on large companies with annual revenues over $250 million. The bill also clarifies the business and occupation tax deduction for certain investments, ensuring that nondeductible investment income is subject to the service and other activities tax classification. Revenues from the surcharge will be deposited into the general fund, with a portion allocated to the workforce education investment account.