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Carbon cap and trade programs
Intended audience: Buyers and sellers of carbon credits, offset credits, and allowances.
ITA
Motion Picture Competitiveness Program B&O tax credit modified; Annual Tax Performance Report no longer required
Intended audience: Persons who make a cash contribution to an approved Motion Picture Competitive Program.
Effective July 23, 2023, the Motion Picture Competitiveness Program was modified to remove the requirement for contributors who receive funding assistance from the program to file an Annual Tax Performance report.
Newspapers – B&O tax exemption
Available to:
Businesses primarily engaged in printing and/or publishing of newspapers or eligible digital content.
Qualifying activity:
The exemption applies to gross income from printing and/or publishing of newspapers or eligible digital content.
Newspaper publishers B&O tax exemption
Intended audience: Printers or publishers of newspapers or eligible digital content.
This special notice was only revised to include the definition of “expenditure”. The statute that previously defined it was repealed. The definition itself did not change.
Starting Jan. 1, 2024, businesses primarily engaged in printing or publishing of newspapers or eligible digital content are exempt from business and occupation (B&O) tax. The exemption expires Jan. 1, 2034.
Sales/Use tax deferral – Affordable housing on underdeveloped lands
Available to:
Owners of underdeveloped land building affordable housing in a qualifying city.
Underdeveloped property means land used as a surface parking lot for parking motor vehicles off the street or highway, that is open to public use with or without charge.
A qualifying city is a city with a population of at least 135,000 but not more than 250,000 at the time the city initially establishes the program.
Petroleum products tax rate and fund level thresholds increase
Intended audience: Petroleum products possessors in Washington.
On Oct. 1, 2023, the petroleum products tax (PPT) increases from .0015 to .0030. In addition, the fund levels increase for the environmental cleanup account for determining when to suspend and when to reinstate the tax.
Reporting PPT
The PPT applies to the wholesale value of petroleum products at the time of the first non-bulk possession in Washington. The wholesale value is reported on your excise tax return in My DOR.
