SB 5967: Financial instit./climate
Imposing a state climate resiliency and mitigation surcharge on large financial institutions financing the global fossil fuel industry while recognizing the financial institution industry's efforts to address climate change.
Summary
- Establishes a 0.50 percent climate resiliency and mitigation surcharge on financial institutions financing the global fossil fuel industry in excess of $1 billion in the prior calendar year, beginning January 1, 2023.
- Deposits surcharge revenues into the climate resiliency account.
- Reduces the existing financial institution Business and Occupation (B&O) surtax by 0.50 percent for any financial institution subject to the climate resiliency and mitigation surcharge, beginning January 1, 2023.
- Authorizes additional financial institution B&O surtax rate reductions for institutions meeting certain target reductions in their global fossil fuel financing.
From the Senate Bill Report (SB 5967), written by the Legislature's nonpartisan staff. Read the full report ↗
- IntroducedJan 31, 2022
- Out of committeestopped here
- Passed Senate
- Passed House
- Governor
- Law
- Prime sponsor
- Senator (D-36)
- Introduced
- January 31, 2022 in the Senate
- Last action
- January 31, 2022
- Budget
- Has a fiscal note
AN ACT Relating to imposing a state climate resiliency and mitigation surcharge on large financial institutions financing the global fossil fuel industry while recognizing the financial institution industry's efforts to address climate change;
Sponsors
Prime sponsor: Senator (D-36)
5 co-sponsors (5 Democrats, 0 Republicans)
Votes
No recorded floor votes. This measure never reached a floor vote.
History
- First reading, referred to Ways & Means.
SB 5967 in other sessions
Bill numbers restart every two years, so the same number is a different bill in each session.
- SB 5967 (2025–26) Preventive health services
- SB 5967 (2023–24) Housing/public lands leases
- SB 5967 (2019–20) Livestock brand inspections
- SB 5967 (2017–18) 529 college savings programs
- SB 5967 (2015–16) Eliminating brd of education
- SB 5967 (2013–14) Mental status evaluations
- SB 5967 (2011–12) Operating sup budget 2011-13
- SB 5967 (2009–10) Public community athletics