[6/26/19] State to Gain Hundreds of Millions of Taxes

Posted in Business & Economy, Local Government & MeetingsTagged , ,

An updated forecast shows Washington state is expected to see a net increase in revenues of nearly $432 million over the next two years. The numbers released at a Tuesday meeting of the Economic and Revenue Forecast Council showed total revenues are now projected at nearly $51 billion for the next two-year state budget cycle, which begins next Monday. Most of the increase is due to legislation passed during the 105-day legislative session that ended April 28. Those included changes to tax exemptions and other measures like increases to some business and occupation taxes. The state is now projected to have nearly $2.7 billion in reserves in the next budget cycle. Gov. Jay Inslee signed the budget last month.