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State tax receipts continue to surge

Article from AWB

Washington state’s collections of Business & Occupation taxes from employers increased by 24% year-over-year, part of a continued upswelling of tax receipts collected by state government.

The latest monthly report from the state’s Economic and Revenue Forecast Council showed that the state collected $183 million more than expected in major general fund state revenues under its forecast from February. That’s a 10.9% increase of tax collections above expectations.

The fact that B&O taxes paid by employers increased by almost a quarter “is a big year-over-year increase,” said AWB Government Affairs Director Tommy Gantz.

The Washington Research Council has more. Read the original collections report here.

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