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 […]
May 06 , 2019 - Emily Makings
Running tally of 2019 revenue legislation, 2nd edition
[UPDATE 6/27/2019: An updated version of the table is available here.] Last week, I posted a table of the revenue effects of legislation passed by the Legislature this session. Since then, several fiscal notes have been added or updated. The latest information is in the table below. Note that these numbers are still not final. […]
May 06 , 2019 - Emily Makings
School district levy limits increased, and more property tax collections diverted from the rainy day fund
On the last day of the legislative session, the Legislature passed two bills that make changes to school district funding: ESSB 5313 and ESHB 2140. (Gov. Inslee has not yet signed either bill.) The Legislature has long limited the amount that school districts can raise through local levies. In calendar year 2018, school districts were […]
May 01 , 2019 - Emily Makings
Running tally of 2019 revenue legislation
[UPDATE 6/27/2019: An updated version of the table is available here.] In the March revenue forecast, the Economic and Revenue Forecast Council estimates that 2019–21 revenues in funds subject to the outlook (NGFO) will be $50.555 billion. The 2018 supplemental budget passed just last year was based on revenues of $44.990 billion. Despite the estimated […]
April 29 , 2019 - Emily Makings
Legislature appropriates $52.8 billion in 2019–21 operating budget and other legislation
On Thursday afternoon, the House and Senate budget chairs announced that they had come to an agreement on the operating budget, but details were not released to the public until Saturday afternoon. The budget was passed by the Legislature yesterday (just a day later), the final day of the legislative session. As passed by the […]