Washington Supreme Court unanimously OKs tax on big banks
SEATTLE (AP) — The Washington Supreme Court on Thursday unanimously upheld a new tax on big banks aimed at providing essential services and improving the state’s regressive tax system.
The 1.2% business and occupation surtax — a tax added on top of other taxes — was passed by the Legislature in 2019. It applies to banks that make more than $1 billion in annual profits, but it is assessed only on their economic activity in Washington.
The banking industry sued, saying the tax discriminated against banks engaged in interstate commerce, in violation of the U.S. Constitution, which gives Congress the right to regulate trade among the states.
The justices ruled that the tax does not discriminate against out-of-state banks.
https://www.msn.com/en-us/money/markets/washington-supreme-court-unanimously-oks-tax-on-big-banks/ar-AAP0kZf