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Committee hears wide testimony on proposed B&O rate increases and new surcharges
Summary
A proposed substitute to SB 5815 would raise multiple B&O rates, expand and raise sector surcharges (notably advanced computing and financial institutions), and narrow the investment‑income deduction; business groups warned of price and competitiveness impacts while labor, education, and some civic groups supported the revenue for schools and services.
Senate Bill 5815, as described by committee staff, would raise a range of base B&O rates and impose new or higher surcharges on specified sectors while narrowing the investment‑income deduction that some taxpayers currently claim.
Jeff Mitchell, staff to the committee, described the proposed substitute: increases to major B&O rates (for example, retailing and manufacturing rates rising modestly), a higher services rate for large businesses, increases in the advanced‑computing surcharge (and raising the cap on that surcharge), an increase in the financial‑institution surcharge, and a temporary 0.5% surcharge on taxpayers with Washington taxable income above $250 million (applied only to income above that threshold…
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