Running tally of 2019 revenue legislation, final edition
As Kriss noted earlier this week, the NGFO (funds subject to the outlook) revenue forecasts for 2019–21 and 2021–23 are up by $432.3 million and $677.5 million, respectively. The bulk of those increases ($329.8 million and $604.6 million) are due to legislative changes made during the 2019 session. I’ve made a few updates to our […]
June 26 , 2019 - Emily Makings
ERFC will forecast revenues from the new workforce education investment B&O surcharge
Following adoption of the June revenue forecast yesterday (Kriss’s report on the forecast is here), the Economic and Revenue Forecast Council (ERFC) discussed including in the forecast revenues from the business and occupation tax surcharge for workforce education that was enacted this year (E2SHB 2158). Sen. Rolfes raised the question, saying, “I believe it would […]
June 13 , 2019 - Emily Makings
Running tally of 2019 revenue legislation, 5th edition
[UPDATE 6/27/2019: An updated version of the table is available here.] I’ve updated our table showing the revenue impacts of tax bills passed by the Legislature this year. It incorporates new information from updated fiscal notes and from the official outlook adopted by the Economic and Revenue Forecast Council earlier this week. Note that although […]
June 07 , 2019 - Emily Makings
Not all states have regained pre-recession spending and revenue levels
In a new report, Pew provides data on how state finances have recovered (or not) from the Great Recession. As we showed in a pair of December reports, Washington’s spending and revenues are higher than their pre-recession peaks. But that’s not the case for all states. Of the Pew report, Opportunity Washington writes, If rising […]
May 23 , 2019 - Emily Makings
Running tally of 2019 revenue legislation, 4th edition
[UPDATE 6/27/2019: An updated version of the table is available here.] Yesterday we published a policy brief that takes a detailed look at the tax bills passed by the Legislature this year. This follows our overview of the operating budget deal and a brief detailing the appropriations. The numbers in these briefs are not final: […]
May 22 , 2019 - WRC
New policy brief: Despite Substantial Recent Revenue Growth, Legislature Increases Taxes by Over $1 Billion
The March revenue forecast estimated that 2019–21 revenues will be $50.555 billion, an increase of 9.6 percent over 2017–19 (also as estimated in the March forecast). Nevertheless, the Legislature passed several tax bills that will increase total revenues by a net of $1.101 billion in 2019–21 (based on the most recent fiscal estimates). Of that, […]
May 13 , 2019 - Kriss Sjoblom
A Chart Comparing New Progressive Real Estate Excise Tax to the Current Flat-Rate Tax
The Legislature recently adopted a bill (SB 5998) revising the rate structure of the state real estate excise tax (REET), which is imposed when real estate is sold. If signed by Governor Inslee, the new structure will become effective on January 1, 2020. Here is a chart comparing the new state REET to the tax […]
May 10 , 2019 - Kriss Sjoblom
From the New York Times: They Got Rich Off Uber and Lyft. Then They Moved to Low-Tax States
The article quotes former Uber employee named Brian McMullen who now lives in Austin, Texas: “I’m currently taking time off for myself,” he said. Mr. McMullen, 33, is part of an exclusive club: the semiretired tech millennial who left California after getting rich. Like many in this group, he is a newly minted multimillionaire who […]
May 09 , 2019 - Emily Makings
Running tally of 2019 revenue legislation, 3rd edition
[UPDATE 6/27/2019: An updated version of the table is available here.] The Legislature passed several tax bills this year. But because so much happened in the last few days of the legislative session, estimates of the fiscal impacts of bills as passed are still being updated. The table below incorporates the most recent fiscal notes […]
May 07 , 2019 - Emily Makings
2019–21 operating budget reauthorizes tax structure work group
The 2019–21 operating budget passed by the Legislature April 28 reauthorizes the tax structure work group that was created in 2017 and issued a report in December. Under section 137(2)(c) of the budget bill, the Department of Revenue (DOR) is required to facilitate the work group. The work group is to include two members from […]