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Sponsor Says Narrowing Bank Tax Preference Will Restore Wildfire- preparedness Funding
Summary
House Bill 2089 narrows a B&O tax preference for first-mortgage interest so that larger, multi-state financial institutions no longer receive the deduction; the sponsor said the change will restore revenue to a wildfire response account cut in recent budgets and DOR estimates increased revenue and implementation costs.
The House Finance Committee heard House Bill 2089 on Jan. 23, a measure the sponsor said would redirect revenue by narrowing a business-and-occupation (B&O) tax preference previously extended to certain financial institutions.
Tracy Taylor, staff to the committee, said the bill removes the requirement that financial institutions be located in 10 or more states to be required to pay B&O tax on interest income from investments or loans secured by first mortgages on non-transient residential properties. Taylor summarized a DOR estimate that the change would impact roughly 450 taxpayers and increase state revenues by approximately $25,900,000 over the first…
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