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Reduces the Washington State Sales Tax 1% from 6.5% to 5.5% Reduces the Business and Occupation Tax on Manufacturing Businesses in Washington State to .001% Funds the Working Families Tax rebate program , a 25% match on the state's version of the earned income tax credit for 460,000 Washington households.
Frustrated by the passage of tax increases from Governor Gregoire despite promises not to raise them, Eyman introduced Initiative 900 to increase the power of the Washington state auditor to conduct performance audits. [47] The initiative was approved by the voters by 56.4%, receiving nearly one million votes. [48]
According to a Congressional Liaison for the IRS, if the capital gains tax is upheld as an “excise tax,” taxpayers may be prevented from deducting it against their federal income tax returns.
Prior to the passage of the capital gains tax, Washington State had the most regressive tax system of any state in the US. [9] The wealthiest 1% paid just 3% of their income in state taxes, while the poorest 20% paid 17.8%. [10] Advocates had long proposed a capital gains tax in order to help reduce this gap.
The waivers can be extended to up to 10 years and shave millions off a company’s property tax bill. In Phase 1, the French company would invest in a nearly 16,000-square-foot facility that will ...
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Washington State government consists of more than 190 agencies, departments, and commissions. The main administrative departments are: [1] Agriculture (WSDA); Archaeology and Historic Preservation (DAHP)