WA HB1995

Repeals 34 tax preferences across multiple tax codes, including exemptions for State Route 16 corridor operations, aluminum smelters, silicon smelters, semiconductor manufacturing, aircraft prototype parts, and various other industry-specific tax breaks

Eliminates the preferential 0.484% B&O tax rate for nonprofit corporations and associations engaged in research and development, requiring them to pay standard rates

Removes exemptions for natural gas delivered by means other than pipeline, alumina, and natural gas from hazardous substance taxes, as well as grandfathered petroleum product possessions from before July 1, 1989

Eliminates leasehold excise tax exemptions for state adult correctional facilities used for correctional industries, and removes property tax exemptions for nonprofit student loan guarantee agencies

Takes effect January 1, 2026, with certain provisions having delayed or contingent effective dates extending to January 1, 2034