Businesses Brace for New Sales Taxes & Real Estate Revenue Falls to Pre-2020 Levels | Weekly Recap

A new report from Washington’s Economic and Revenue Forecast Council shows the state’s commercial real estate excise tax revenues have fallen back to pre-2020 levels, despite the Legislature shifting from a flat 1.28% REET rate to a graduated structure in 2019. Meanwhile, starting Oct. 1, Washington businesses will face new retail sales taxes under ESSB 5814, which expands the definition of taxable business activities. These added costs are expected to be passed on to consumers as the state enters the fall tax season and more.