by
<a href="mailto:candiceb@awcnet.org">Candice Bock</a>, <a href="mailto:sheilag@awcnet.org">Sheila Gall</a> | Apr 29, 2019
On April 26, the House Finance Committee heard and passed out of committee two bills (<a target="_blank" href="https://app.leg.wa.gov/committeeschedules/Home/Document/206624"><strong>HB 2167</strong></a> and <a target="_blank" href="https://app.leg.wa.gov/committeeschedules/Home/Document/206625"><strong>HB 2168</strong></a>) related to the state budget.
On April 26, the House Finance Committee heard and passed out of committee two bills (HB 2167 and HB 2168) related to the state budget.
HB 2167 would impose an additional B&O tax rate on service B&O tax for financial institutions. The bill would raise the current rate for financial institutions from 1.5% to 3% if another B&O revenue bill, HB 2158, is not signed into law; the rate would be 2.7% if HB 2158 is signed into law. HB 2158 would impose a 20 percent surcharge on the tax rate for service B&O tax for industries that depend on a highly educated workforce, raising the rate on certain services, from 1.5% to 1.8%.
HB 2168 would provide a tax exemption for a public hospital in King County.
These bills were part of the final mix of revenue bills passed along with the state operating and capital budgets.