Gross Receipts:
Washington: New Law Increases B&O Tax and Surcharge Rates and Clarifies Investment Income Deduction
H.B. 2081, signed by gov. 5/20/25. New law increases some Washington business and occupation (B&O) tax and surcharge rates, as well as creates a temporary B&O tax surcharge on certain large companies. The legislation also revises the B&O tax investment income deduction in light of a 2024 Washington Supreme Court decision involving investment income earned by sixteen investment funds [see Case No. 102223-9, Wash. (10/24/24), and previously issued Multistate Tax Alert for more details on this 2024 decision].
See recently issued Multistate Tax Alert for more details on this newly signed legislation, and please contact us with any questions.
30 Rockefeller Plaza New York, NY 10182-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 peopleworldwide make an impact that matters at www.deloitte.com.
