Five tax bills lawmakers passed to underpin Washingtons next state budget

Washington lawmakers have passed five tax bills designed to generate approximately $9. 4 billion to help close a $16 billion budget shortfall projected over the next four years. House Bill 2081, the most impactful measure, is expected to raise nearly $2. 1 billion for the upcoming budget by increasing business and occupation tax rates. This bill includes a surcharge on large corporations and adjustments to taxes affecting financial institutions and technology companies.

Governor Bob Ferguson has expressed skepticism about the sustainability of the tax package, having previously rejected a $12 billion proposal. Senate Bill 5814 will expand the retail sales tax to additional services, projecting to yield $1. 1 billion and providing local governments with a share of the revenue. The bills reflect the priorities of the Democratic majority in the legislature, despite opposition from Republicans and some moderate Democrats. The measures are crucial for funding the state's two-year $77.

8 billion operating budget. The outcome of Ferguson's decision will significantly impact the state's fiscal landscape moving forward.