ESSB 5092 – 2021-23 Operating BudgetBill brief
State Budgets Taxes & Fees
Despite the pandemic, the state operating budget is back to where it was projected to be pre-COVID. State tax revenue increased by 13.6% during the COVID shutdowns and will grow by $4.3 billion in 21-23. The 21-23 budget spends about $58.9 billion in state funds, an increase of $7 billion (13.6%) over 19-21. The increased spending is supported by $4.3 billion in natural revenue growth, a new tax on capital gains, a new $100 surcharge on recorded documents, and a new premium tax on captive insurance companies.