This bill amends RCW 82.04.290 to adjust tax rates and allocate funds to support higher education in Washington State. Specifically, it increases the tax rate for certain business activities from 1.75% to 1.8% and raises the percentage of revenues collected under this rate that must be deposited into the workforce education investment account from 14.3% to 16.67%. Additionally, the bill introduces new provisions regarding the eligibility for a reduced tax rate of 1.5% for businesses with gross income below one million dollars, including requirements for reporting affiliations and compliance with tax regulations.

The bill also establishes a new effective date for these changes, set for October 1, 2025. This timeline allows for the necessary adjustments in tax administration and compliance processes to be implemented before the new rates take effect. Overall, the legislation aims to enhance funding for higher education while ensuring that businesses are held accountable for accurate tax reporting and compliance.

Statutes affected:
Original Bill: 82.04.290