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Staff reviews estate tax and hazardous‑substance tax structures and revenue uses
Summary
Committee staff summarized the estate tax, its exclusion amount, and the hazardous substance tax (now volumetric for petroleum) and noted volatility and account allocations for both taxes.
Alia Kennedy and other committee staff summarized two additional taxes affecting capital and environmental accounts.
Estate tax: Kennedy explained that Washington’s estate tax applies to transfers at death and that taxable value includes in‑state property and intangible assets. She said current exclusion amounts were set at $2,193,000 (as stated in the presentation) and that the estate tax rate schedule ranges from 10% to 20% depending on the taxable estate value. Staff noted that the exclusion amount has not been updated since 2018 because the…
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