H-1966.3
HOUSE BILL 2045
State of Washington
69th Legislature
2025 Regular Session
By Representatives Fitzgibbon, Parshley, Santos, Peterson, Fosse, Pollet, Ryu, Ormsby, Macri, Gregerson, Berry, Ramel, Street, Wylie, Doglio, Farivar, Reed, Scott, Reeves, and Hill
Read first time 03/24/25. Referred to Committee on Finance.
AN ACT Relating to investing in Washington families by restructuring the business and occupation tax on high grossing businesses and financial institutions; amending RCW 82.04.29004 ; adding a new section to chapter 82.04 RCW; creating new sections; providing effective dates; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature finds that funding education, public safety, health care, and basic human needs helps Washington succeed and thrive. The state's paramount duty is to provide every child with an education, thereby creating the opportunity for each child to succeed in school and achieve success in life. To promote and improve public safety, the state funds the basic law enforcement academy to train and certify every peace officer in the state. The state invests in health care programs that deliver critical, life-saving services, and protect the well-being of the public. The state also supports vital basic needs assistance to the state's lowest-income households, educates the youngest learners, and strengthens food security for seniors.
Therefore, the legislature intends to levy an incremental surcharge on the gross revenue of the state's highest earning businesses and amend the surcharge on the gross revenue of large financial institutions to meet the state's obligation to provide adequate funding for K-12 education, public safety, health care, and other human service investments. The legislature finds the levying of this tax is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions.