WA People
BILL · 2011–12 SESSION

HB 2794: Financial businesses B&O tax

Narrowing a business and occupation tax deduction for banking, loan, security, and other financial businesses.

Summary

  • Eliminates the business and occupation tax deduction for interest on first mortgages and deeds of trust on residential properties for financial institutions that operate in more than 10 states.
  • Requires the Joint Legislative Audit and Review Committee to review the first mortgage tax deduction by June 30, 2015, as part of its tax preference review process.

From the House Bill Report (HB 2794), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · stalled on the House floor
  1. IntroducedFeb 23, 2012
  2. Out of committeeMar 7, 2012
  3. Passed Housestopped here
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Richard DeBolt (R-20)
Introduced
February 23, 2012 in the House
Last action
April 11, 2012
Budget
Has a fiscal note

AN ACT Relating to narrowing a business and occupation tax deduction for banking, loan, security, and other financial businesses;

Sponsors

Prime sponsor: Richard DeBolt (R-20)

30 co-sponsors (18 Democrats, 12 Republicans)

Pat Sullivan D-47Glenn Anderson R-5Senator D-36Joel Kretz R-7Larry Springer D-45Norma Smith R-10Zack Hudgins D-11Shelly Short R-7Mary Lou Dickerson D-36Jan Angel R-26Jeannie Darneille D-27Judy Warnick R-13Eileen Cody D-34Charles Ross R-14Bill Hinkle R-13Dan Kristiansen R-39Larry Haler R-8Kevin Parker R-6Connie Ladenburg D-29Andy Billig D-3Luis Moscoso D-1Drew Hansen D-23Gerry Pollet D-46Steve Tharinger D-24Laurie Jinkins D-27Kirk Pearson R-39Sharon Wylie D-49Senator D-22Phyllis Gutierrez Kenney D-46Mary Helen Roberts D-21

Votes

No recorded floor votes.

History

  1. By resolution, reintroduced and retained in present status.
  2. By resolution, reintroduced and retained in present status.
  3. Returned to Rules Committee for second reading.
  4. Placed on second reading.
  5. Committee relieved of further consideration.
  6. First reading, referred to Ways & Means.

HB 2794 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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