March 17-21
Updated revenue projections
On Tuesday, March 18th, Washington’s chief economist released the state’s updated revenue forecast. The projection shows a decrease of approximately $900 million in revenue over the next four years, compared to previous estimates. This decrease is primarily due to lower consumer spending post-pandemic, along with the impacts of inflation and higher interest rates.
This new forecast provides the legislature with the latest fiscal data as they finalize the state budget. Both the House and Senate budgets are expected to be unveiled on Monday, March 24th, with hearings scheduled the following day.
Senate revenue proposal
Ahead of next week’s budget release, the Senate has introduced a package of revenue proposals designed to mitigate the effects of an all-cuts budget. The package includes five key measures:
- Financial Intangibles Tax: Imposing a tax on certain financial assets held by individuals with over $50 million of such assets.
- Employer Payroll Tax Adjustment: Removing the cap on employer payroll taxes for companies with payrolls exceeding $7 million.
- Property Tax Growth Limit: Raising the property tax growth limit to align with population and inflation growth.
- Tax Exemption Repeals: Repealing 20 existing tax exemptions.
- Sales Tax Reduction: Lowering the state’s sales tax rate by half a percentage point, from 6.5% to 6%.
Continued action on bills
The legislature will continue to consider bills as the budgets are released. Below are updates on key priority bills for Partners for Our Children:
- SHB 1177: Scheduled for executive session in the Senate Human Services Committee on March 25th. This bill makes improvements to the Child Welfare Housing Assistance Program, which addresses housing instability when it is a barrier for families to reunite or stay together.
- SHB 1509: Scheduled for a hearing in Senate Human Services Committee on March 24th. This bill continues an existing community-based model to deliver prevention services to families experiencing conflict.
Weekly bill tracker
The P4C tracker highlights bills related to our priorities, particularly in child welfare. Please note that the inclusion of bills in the tracker does not reflect P4C’s position for or against the bill.
Other ways to stay informed
- The legislative website provides comprehensive information on bills, committee schedules, and contact information for legislators.
- TVW offers live and archived coverage of legislative committees and other events.
