OLYMPIA, Wash. (AP) — The Latest on the state budget at the Washington Legislature (all times local):
Lawmakers revealed details of a negotiated two-year $52.4 billion state budget that does not include a capital gains tax that majority Democrats originally sought, but has a business and occupation tax increase on large banks.
The details were released Friday evening, a day after Senate Democrats already started passing some of the revenue bills tied to the budget, including a change to the real estate excise tax that they have reconfigured and say will bring in about $600 million dollars over the next four years.
A bill that hasn’t yet come up for a vote is one that would bring in about $338 over the next four years by raising the B&O rate on institutions with $1 billion in global net profits from 1.5 % to 3 %.
Senate Democrats have passed a key tax bill that appears to be part of a budget deal that has not yet been made public.
Budget writers in the Democratic-led House and Senate announced Thursday afternoon that they had reached a tentative agreement on a new two-year state budget, but that it wouldn’t be made public until details were finalized, likely Saturday. But late Thursday night, the Senate brought up a tax that was part of their original plan, a change to the real estate excise tax that they now say will bring in about $600 million dollars over the next four years. They passed it on a 26-22 vote after 11 p.m.
The 105-day-legislative session is scheduled to end Sunday.