Signed by Governor Jay Inslee

Vote Smart's Synopsis:

Vote to pass a bill that amends the business and occupation tax to create funding for the Washington College Grant.

Highlights:

• Requires every person engaging in the state in any business activity other than or in addition to other taxed business activities, to pay a tax on account of such activities equal to the gross income of the business multiplied by the rate of (Sec. 3):

• 1.75 percent; or

• 1.5 percent for:

• Any person subject to the surcharge imposed under RCW 82.04.299;

• Any person whose gross income of the business, for the preceding calendar year, was less than $1 million, unless the person is affiliated with one or more other persons, and the aggregate gross income of the business for all affiliated persons was greater than or equal to $1 million for the preceding calendar year; and

• Hospitals as defined in RCW 70.41.020.

• Requires 14.3 percent of the revenues collected under the previously mentioned 1.75 percent business tax, to be deposited into the workforce education investment account (Sec. 3).

• Specifies that section 3 of this act applies beginning with gross income of the business, as defined in RCW 82.04.080, received or accrued by taxpayers, on or after April 1, 2020 (Sec. 9).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends the business and occupation tax to create funding for the Washington College Grant.

Highlights:

• Requires every person engaging in the state in any business activity other than or in addition to other taxed business activities, to pay a tax on account of such activities equal to the gross income of the business multiplied by the rate of (Sec. 3):

• 1.75 percent; or

• 1.5 percent for:

• Any person subject to the surcharge imposed under RCW 82.04.299;

• Any person whose gross income of the business, for the preceding calendar year, was less than $1 million, unless the person is affiliated with one or more other persons, and the aggregate gross income of the business for all affiliated persons was greater than or equal to $1 million for the preceding calendar year; and

• Hospitals as defined in RCW 70.41.020.

• Requires 14.3 percent of the revenues collected under the previously mentioned 1.75 percent business tax, to be deposited into the workforce education investment account (Sec. 3).

• Specifies that section 3 of this act applies beginning with gross income of the business, as defined in RCW 82.04.080, received or accrued by taxpayers, on or after April 1, 2020 (Sec. 9).

Full Bill Text