Loading chat...
WA HB1506
Bill
Status
Introduced
1/22/2025
Primary Sponsor
Amy Walen
Click for details
AI Summary
-
Credit unions organized under Washington state, other state, or federal laws are generally exempt from the state's business and occupation (B&O) tax on gross income
-
Beginning October 1, 2025, state-chartered credit unions that merge with or acquire a bank regulated by the Department of Financial Institutions lose their B&O tax exemption
-
Affected credit unions become subject to a B&O tax rate of 1.2% on their gross income
-
Amends RCW 82.04.405, which was last updated in 1998
Legislative Description
Imposing a business and occupation tax on state-chartered credit unions that merge with a commercial bank.
Last Action
By resolution, reintroduced and retained in present status.
1/12/2026
Committee Referrals
Finance1/22/2025
Full Bill Text
No bill text available