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.