The truly good news about Washington state in the new ITEP report
On January 9, the Institute on Taxation and Economic Policy (ITEP) released the 7th edition of its widely cited “Who Pays” study. Ostensibly, the good news in this report is that Washington state’s state and local tax system is no longer the most regressive in the U.S. and that the tax rate on the poorest […]
January 17 , 2024 - Kriss Sjoblom
January report on state tax collections: revenues for the most recent month were $99.1 million short of the forecasted amount
Yesterday (January 16) the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between December 11 and January 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest […]
December 15 , 2023 - Kriss Sjoblom
Updated Cap-and-Invest compliance cost estimates for motor vehicles based on the December 6 allowance auction price
On Wednesday the department of ecology reported the results of its fourth regular auction of Cap-and-Invest Program allowances (link), which was held on December 6. The settlement price for current (2023) vintage allowances was $51.89. This is down significantly from the 2023-vintage price at the August 30 regular auction, which was $63.03. Table 1 contains […]
November 20 , 2023 - Kriss Sjoblom
Forecast of state revenues increased
At its quarterly this morning this morning, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts increase the amount available over the current and next bienniums by a total of $752 million. Budget reports from legislative fiscal committees typically roll up four accounts: the general fund–state, the […]
November 19 , 2023 - Kriss Sjoblom
November report on state tax collections: revenues for the most recent month were $55.6 million short of the forecasted amount
Last Friday (November 17) the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between October 11 and November 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and […]
September 27 , 2023 - Kriss Sjoblom
Forecast of state revenues increased
At its quarterly meeting yesterday, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts increase the amount available over the current and next bienniums by a total of $1,366 million. Budget reports from legislative fiscal committees typically roll up four accounts: the general fund–state, the education legacy […]
September 22 , 2023 - Kriss Sjoblom
September report on state tax collections: revenues for the most recent month were $5.1 million short of the forecasted amount
On September 15 the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between August 11 and September 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest […]
September 07 , 2023 - Kriss Sjoblom
Cap and Invest compliance cost estimated for on-road vehicles based on the August 31 allowance auction price
The department of ecology today announced the results of its third regular auction of Cap-and-Invest Program allowances, which was held on August 30 (link). The settlement price for current (2023) vintage allowances was $63.03. This is up significantly from the 2023-vintage price at the May 31 auction, $56.01. Table 1 contains my updated projections of […]
September 06 , 2023 - Kriss Sjoblom
Cap and Invest allowance prices
In 2021 the legislature passed and the governor signed Senate Bill 5126 creating the state’s Cap and Invest program, which is intended to greatly reduce carbon dioxide emissions in the state. Under the program, beginning this year, each regulated entity is required to obtain an “allowance” for every metric ton of carbon dioxide it emits […]
August 15 , 2023 - Kriss Sjoblom
August report on state tax collections: revenues for the most recent month were $81.2 million greater than the forecasted amount
Yesterday the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between July 11 and August 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the […]