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WA HB2045
Bill
Status
3/24/2025
Primary Sponsor
Joe Fitzgibbon
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AI Summary
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Imposes a 1% surcharge on businesses with Washington taxable income exceeding $250,000,000 annually, effective January 1, 2026
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Increases the additional tax rate on specified financial institutions (those in groups with $1 billion+ annual net income) from 1.2% to 1.9%, effective July 1, 2025
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Exempts manufacturing income and related wholesale/retail sales from the new surcharge, along with income from farmers and eligible apiarists
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Revenue is designated to fund K-12 education, public safety, health care, and human services programs
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Declared an emergency measure, with most provisions taking effect July 1, 2025
Legislative Description
Investing in Washington families by restructuring the business and occupation tax on high grossing businesses and financial institutions.
Last Action
By resolution, reintroduced and retained in present status.
1/12/2026