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WA HB1284

Bill

Official Source

Status

Introduced

1/14/2025

Primary Sponsor

Gerry Pollet

Click for details

Origin

House of Representatives

2025-2026 Regular Session

AI Summary

  • Eliminates the business and occupation (B&O) tax deduction for investment income earned by corporations and other business entities in Washington state
  • Preserves the investment income deduction only for individuals, not businesses
  • Retains deductions for dividends/distributions from subsidiaries to parent companies and inter-company loan interest, but only when total investment and loan income is less than 5% of gross receipts
  • Removes existing exemptions for banking, lending, and securities businesses that previously could not claim the investment income deduction
  • Takes effect August 1, 2025, with estimated revenue impact of hundreds of millions of dollars per biennium

Legislative Description

Eliminating the investment income business and occupation tax deduction for corporations and other business entities.

Last Action

By resolution, reintroduced and retained in present status.

1/12/2026

Committee Referrals

Finance1/14/2025

Full Bill Text

No bill text available