Washington Enacts Law Concerning Tax on High Volume Lenders for Wildfire Funding

The Washington Governor signed a law that amends RCW 82.04.29005, which subjects interest on loans originated by high volume mortgage lenders to business and occupation tax, in order to restore funding to the state’s wildfire response account. The law specifically targets financial institutions with annual closed mortgage origination volumes of at least $10 billion, redirecting tax revenue that previously benefited large financial institutions rather than the community banks originally intended. The law takes effect July 1. [H.B. 2089, enacted 03/23/26]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.