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 25 , 2024 - Emily Makings
Bills controlling rent and taxing rental income would reduce housing supply
Bills are moving in the Legislature that would impose statewide residential rent control policies and levy the business and occupation (B&O) tax on rental income. As economists have shown, negative impacts would be felt by both renters and landlords, and the statewide housing supply would suffer. Rent Control HB 2114 was approved by the House […]
January 25 , 2024 - Emily Makings
Treasurer’s fiscal recommendations for the Legislature, and an improved credit outlook for Washington from S&P
Earlier this month, the Office of the State Treasurer (OST) released its annual Debt and Credit Analysis report, which provides data on state debt and recommendations for the Legislature. At the end of FY 2023, Washington had $21.403 billion in outstanding bonds. That was up just 0.6% from $21.269 billion in FY 2022. (Of total […]
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 […]
November 30 , 2023 - Emily Makings
Revenue forecast indicates the state will have $2.933 billion more for the operating budget than expected when the current budget was enacted
As Kriss wrote last week, the November forecast of revenues from funds subject to the outlook (NGFO) is up compared to the September forecast. Compared to the March revenue forecast (on which the enacted 2023–25 budget is based), the current forecast is up $2.933 billion (over the 2021–23, 2023–25, and 2025–27 biennia). That increase includes […]
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 07 , 2023 - Emily Makings
Washington ranks 35th overall in the Tax Foundation’s 2024 State Business Tax Climate Index, down from 29th last year
Washington’s overall ranking in the Tax Foundation’s State Business Tax Climate Index is 35th this year. (The 2024 index reflects state tax climates on July 1, 2023.) Our ranking has dropped quite a bit over the past few years—Washington ranked 29th in 2023 and 15th in 2022. The overall ranking is composed of five broad […]
October 18 , 2023 - Emily Makings
Seattle’s general fund and payroll expense tax revenue forecasts have increased since August
Yesterday Seattle’s Office of Economic and Revenue Forecasts (OERF) presented the city’s October revenue forecast for the general fund and several other revenue streams that go to dedicated accounts (including the payroll expense tax). For the city’s general fund, the forecast estimates that revenues will decline in 2023 and 2024 (year over year). However, that […]
October 17 , 2023 - Emily Makings
Value of agricultural production in Washington reached a record high in 2022
According to the National Agricultural Statistics Service, the value of agricultural production in Washington in 2022 was $12.776 billion, an increase of 26.8% over 2021. Adjusted for inflation, the year-over-year increase was 19.8%. This is a record high for Washington, even adjusted for inflation. Although apples are still by far the most valuable commodity in […]
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 […]