Investing in education by modifying the business and occupation tax and providing small business tax relief.
Summary
Imposes a 7 percent tax on adjusted Washington capital gains.
Makes changes to the business and occupation tax (B&O), including imposing a 20 percent surtax on certain activities, increasing the filing threshold, repealing the small business credit, creating a new deduction of $250,000, and repealing several preferential rates.
Eliminates or narrows several tax preferences.
Reforms the real estate excise tax.
Requires the reporting of subcontractor information to the Department of Revenue.
Requires marketplace facilitators, referrers, and their sellers to collect and remit sales or use tax, or comply with notice and reporting requirements.
From the Engrossed Senate Bill Report (ESB 5113), written by the Legislature's nonpartisan staff. Read the full report ↗
Did not passDid not pass · stalled on the Senate floor