fair & Adequate revenue
Adopt fair revenue policies to adequately fund services and functions critical to the well-being of the people of our state.
Issue Team Chair: Nora Leech – nleech [at] lwvwa.org – (206) 622-8961
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Right Now In Fair & Adequate Revenue
The legislature is barreling along with many new bills that have subsumed various aspect of the original bills the Governor proposed, as well as new ideas as they hear from their constituencies. There will be a revenue forecast March 20 showing how the economy is doing, e.g., more or less revenue. We are in a boom time but fears are that there is a recession right around the corner with indicators like dropping housing prices and over-heated stock markets.
After the revenue forecast, the House will submit their budget on March 25 with a vote expected by March 29. The Senate will release their budget shortly after. Then the wrangling begins to merge the two versions into one budget for the Governor to sign.
Bills the League Supports
HB 1703 Increasing tax exemption transparency and accountability. The Department of Revenue report on all tax exemptions and their fiscal impact would be updated every 2 years instead of 4 years. Any tax exemption that has NO sunset and reduces revenues by over $50,000/year or $100,000/biennium would appear in the budget documents and have to be proactively reauthorized as part of the budget or it would sunset. If the Legislature has taken no action on reviewing and clarifying or adding a sunset on a tax exemption which the Joint Legislative Audit and Review Committee and Citizens Commission on Tax Preferences have recommended to be ended or clarified, and the tax exemption reduces revenues by over $50,000/year or $100,000/biennium, then the exemption would appear in the budget documents and require re-adoption in the budget or it would sunset.
- 2SHB 2117 / SB 5973 Providing a pathway to modernize and rebalance the Washington state tax structure so that it is equitable, adequate, stable, and transparent for the people of Washington state.
Bills the League is Watching
- HB 1219 Providing cities and counties authority to use real estate excise taxes to support affordable housing and homelessness projects. Passed the House, 74-24.
- SB 5961 Improving the equity and sustainability of Washington's tax structure.