CPA Practice Advisor

Washington State House Democrats Push to Strip Corporate Break From ‘Millionaires Tax’

Washington state House Democrats are urging the finance committee to remove a corporate tax break from Senate Bill 6346, which would levy a 9.9% tax on income above $1 million. The contested provision would end the Business & Occupation surcharge for large firms a year early, cutting projected state revenue by roughly $550 million. Lawmakers argue that preserving this revenue is essential to avoid cuts to child‑care and K‑12 education programs. The debate pits progressive revenue goals against corporate tax relief amid a tight state budget.