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Department of Revenue outlines implications of Antio LLC Supreme Court decision for B&O investment deduction
Summary
Department of Revenue staff briefed the Ways & Means Committee on the 2024 Washington Supreme Court ruling in Antio LLC v. Department of Revenue and described the agency's interpretive guidance, including a 5% safe-harbor for incidental investment income and expedited ruling requests.
Steve Ewing of the Washington State Department of Revenue told the Senate Ways & Means Committee on March 24 that the Washington Supreme Court's 2024 decision in Antio LLC v. Department of Revenue reaffirmed a decades-old interpretation of what qualifies as "investment" income for the business-and-occupation (B&O) tax deduction. The ruling, Ewing said, follows the court's earlier decisions in O'Leary v. Department of Revenue and Sellen Construction v. Revenue and concluded that investment income must be incidental to a business's primary purpose to be deductible under RCW 82.04.281.
The briefing matters because the court's decision narrows which operating entities can take a full deduction for investment income, and it prompted the Department of Revenue (DOR) to issue clarifying administrative guidance. "We…
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