As we wrote in yesterday’s newsletter, it’s been hard to get a definitive tally of the tax changes adopted in the recently concluded legislative session. The Washington Research Council has just published a spreadsheet that answers most of the questions.
From the sheet, the estimated total net revenue impact for the 2019-2021 biennium is $859.7 million. That includes estimated reductions of $127.2 million.
Total tax increases for the coming biennium, then, amount to about $986.9 million, rising to $2.7 billion in 2021-2023.
As Emily Makings writes, it’s subject to change;
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 revenue increase due to economic growth, the Legislature passed a number of bills this session that affect revenues, including several that significantly increase taxes. The table below tallies the effects of these bills. The numbers are based on the most recent publicly available information, but many of the estimates are not final. Also, I haven’t included estimates for some bills—in these cases, there is either no fiscal note or the available fiscal note is based on an early version of the bill (not the version that eventually passed).
Makings writes that there will be updates as more information becomes available. For now, though, the WRC analysis is the best compilation available. Thanks!