Washington SB5796 proposes an excise tax on large employers' payroll expenses above the social security wage threshold to fund public services.

The bill introduces an excise tax on large employers in Washington, targeting payroll expenses exceeding the social security wage threshold. This tax aims to fund public schools, health care, and social services, addressing the state's reliance on small and low-margin businesses for funding. The tax exempts businesses with annual payroll expenses of $7,000,000 or less. It imposes penalties for non-compliance, including failure to report or remit taxes, and allows for the seizure and sale of employer property if taxes remain unpaid.

Washington SB5796 proposes an excise tax on large employers' payroll expenses above the social security wage threshold to fund public services.

The bill introduces an excise tax on large employers in Washington, targeting payroll expenses exceeding the social security wage threshold. This tax aims to fund public schools, health care, and social services, addressing the state's reliance on small and low-margin businesses for funding. The tax exempts businesses with annual payroll expenses of $7,000,000 or less. It imposes penalties for non-compliance, including failure to report or remit taxes, and allows for the seizure and sale of employer property if taxes remain unpaid.