The Tax Exemption Transparency and Accountability Act has been filed as bills in both the House and Senate in the Washington State Legislature. The prime sponsor of the House bill, HB 2721 is Representative Gerry Pollet. A total of 17 Legislators have signed onto the bill when it was dropped. The prime sponsor of the Senate bill SB 6477 is Senator Maralyn Chase. Eight Senators had signed onto the bill when it was dropped.
The following fact sheet on the bill and why it was filed is from the Tax Sanity website at www.taxsanity.org Continue reading
Such a sensible proposal. If tax exemptions to benefit corporations and business interests do not provide a net benefit to Washington State in terms of increasing jobs or retaining jobs, then the tax exemption should be repealed.
As Senator Maralyn Chase mentions, twenty other states currently have some formof clawback provision. It time for Washington State to also do this. We can not afford to be giving gifts to businesses without a net return in value to the state.
Senator Chase notes that tax exemptions shift the tax burden to other businesses that do not get an exemption. If the exemption provides no net benefit to the state and it’s taxpayers, it is unfairly hurting other businesses and hurting the state in its ability to provide other essential services that help in job creation like funding for education and keeping our citizens healthy.