Initiative I-1098 — Proposed New Washington Tax on Income

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Several clients have asked for a summary of the provisions and impact of ballot initiative I-1098 (the proposed New Washington Tax on Income) if adopted. This summary has been prepared for those and other clients interested in an unbiased review of I 1098.

Washington currently is one of seven states in the country without a personal income tax. The primary sources of tax revenue for Washington state are the retail sales tax (which generates more than 50 percent of Washington’s tax revenue), the business and occupation (B&O) tax (a tax on the gross receipts from business activities), and the state portion of the property tax (which is dedicated to education). See the attached Table 1 prepared by the Washington Department of Revenue that summarizes the tax receipts collected by the state in Fiscal years 2009 and 2010.

Please see full article below for more information.

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Published In: Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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