Updated estimates of CCA compliance costs
On Wednesday the department of ecology reported the results of its first regular auction of Cap-and-Invest Program allowances for 2024, which was held on March 6 (link). The settlement price for current (2024) vintage allowances was just $25.76. This is down significantly from the prices paid at last year’s auctions, which averaged $55.12 per metric […]
March 06 , 2024 - Kriss Sjoblom
Did Initiative 2117 reduce the bids that the state received in today’s cap-and-invest auction?
Between 10 AM and 1 PM today (March 6), the Department of Ecology held its first 2024 auction of greenhouse gas emission allowances. Results of this auction will be published next Wednesday (March 13). The futures market for allowances indicates that the settlement price for today’s auction will be quite a bit lower than the […]
February 14 , 2024 - Kriss Sjoblom
A modest increase to the forecast of state revenues
At its quarterly meeting this morning, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts increase the amount available to budget writers over the current and next bienniums combined by a total of $337 million. Budget reports from legislative fiscal committees typically roll up four accounts: the […]
February 08 , 2024 - Kriss Sjoblom
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 […]