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Proposed B&O tax changes draw wide support and opposition over scale and scope
Summary
A proposed substitute to SB 5815 would raise core B&O tax rates, expand surcharges on advanced computing and financial institutions, add a top‑tier surcharge and limit an investment‑income deduction; staff estimated multi‑billion dollar revenue gains while industry groups warned of steep effective increases.
Senate Bill 5815, in a proposed substitute, would change Washington’s business & occupation (B&O) tax structure by increasing base rates for major B&O classifications, expanding and raising certain surcharges, and limiting an investment‑income deduction to incidental income, Ways & Means staff told the committee at a briefing on April 16.
Staff explained four main components: modest increases to base B&O rates for retailing and manufacturing; an increase to the financial‑institution surcharge and a substantially larger increase to the advanced‑computing surcharge (with a cap raised from $9 million to $50 million); creation of an additional 0.5% surcharge on taxpayers with more than $250 million in Washington taxable income applying to amounts…
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