Gov. Jay Inslee signed a bill on Friday exempting Washingtonians from state taxes on governmental financial assistance programs in response to the Covid-19 pandemic.
The Democratic governor signed a bill (H.B. 1095) exempting the value of pandemic relief loans or grants businesses received since Feb. 29, 2020 from the business and occupation tax, public utility tax, and sales and use tax.
- The exemptions could reduce state revenue by $209.7 million.
- About 100,000 businesses could be eligible.
- Federal Paycheck Protection Program loans and Economic Injury Disaster Loans are among the types of assistance that qualify for the exemption if...