Washington State Department of Revenue releases tax exemption report with interactive tool

Want to find out more about the state’s tax exemptions? Check out the Washington State Department of Revenue.

Want to find out more about the state’s tax exemptions? Check out the Washington State Department of Revenue’s (Revenue) 2016 Exemptions Study, a compilation of tax exemptions, credits and preferential tax rates.

The study, released every four years, includes a detailed listing of the 694 exemptions for the major state and local taxes in Washington. The study shows the total estimated taxpayer savings of the exemption, the estimated amount in taxes the state would keep if the exemption was repealed, and the taxpayer savings versus the forecasted revenue collections from those taxes.

This year, the study debuts a way to interact with the exemption data online using this visualization tool. With a click of the mouse, users can inspect exemptions by the year they were enacted, the type of tax and preference, the category and more. This is the first time Revenue has paired this kind of technology with an agency report.

“This new tool provides our customers with an easy, different and exciting way to look at the details of the state’s exemptions,” Revenue Director Vikki Smith said. “I’m pleased we are able to offer our customers this kind of service.”

Some highlights from the study:

  • The total estimated taxpayer savings of the 694 exemptions is $105.9 billion in 2015-17.
  • About one-third of the state impact is from retail sales and use tax exemptions, at 33.5 percent. The largest sales and use tax exemptions are for personal and professional services and food or food products.
  • Property tax exemptions make up the largest portion – an estimated $59.1 billion ‑ of the total taxpayer savings (including state and local) in 2015-17.
  • Business and occupation (B&O) taxes make up a large portion of the state impact at almost 22.6 percent. The largest B&O exemption is the exclusion of employee salary and wages, which restricts the B&O tax to business.

 

More in Business

Enumclaw’s QFC debuts home delivery service

The first order is free, but other orders will come with a charge.

Boeing’s venture into hypersonic jets | Don Brunell

The company’s come a long way since nearly crashing the company with its first attempt at supersonic flight.

Avoiding trouble while Tweeting | Don Brunell

Your social media can hurt you or help you when looking for a job.

Columbia River treaty talks too vital to ignore | Don Brunell

The United States and China are currently renegotiating the Columbia River Treaty.

Bellevue company patent infringement win gives small investors hope | Don Brunell

Until recently, our courts have been little help to patent owners.

Podiatrist opens Enumclaw practice

Go see Dr. Bock at 853 Watson Street North, Suite 100.

American giving has surpassed $400 billion | Don Brunell

“Americans’ record-breaking charitable giving in 2017 demonstrates that even in divisive times our commitment to philanthropy is solid.”

Cementing radioactive wastes could save billions | Don Brunell

According to a recent article in the Tri-Cities Herald, the first phase of the demonstration project, grouting three gallons of waste held in Hanford’s underground tanks was successfully completed last December.

Mining contaminated waters to increase copper supplies | Don Brunell

With worldwide demand for copper soaring and there is new pressure to open new mines, expand existing ones, and add ore processing capacity — all of which have serious associated environmental challenges.

GE’s tumble from grace | Don Brunell

General Electric, once the world’s most valuable company, has been topped by Walgreens.

Vintage items, gifts and more at new Enumclaw shop

Featuring an eclectic mix of merchandise, partners Tori Ammons and Melissa Oglesbee… Continue reading

Jetsons cartoon robots now reality | Don Brunell

In April, the U.S. Labor Dept. reported a record high 844,000 unfilled positions in the hospitality industry — which is one out of eight jobs available today.