WA SB5794

Eliminates several obsolete tax preferences identified through the Joint Legislative Audit and Review Committee's performance review process, including exemptions for precious metal bullion sales, certain utility credits, and international service employment credits

Removes the business and occupation (B&O) tax exemption for credit unions that merge with or acquire state-regulated banks, subjecting them to a 1.2% B&O tax rate effective October 1, 2025

Eliminates the B&O tax exemption for self-service storage facility rentals, making these businesses subject to the standard service tax rate of 1.5% or 1.75% beginning April 1, 2026

Removes references to "title insurance agent" from the insurance producer B&O tax provisions, as this license category no longer exists under current law

Governor Ferguson partially vetoed provisions that would have repealed B&O tax deductions for community bank interest on residential property loans, citing housing affordability concerns