Bill > SB6093

This bill establishes an excise tax on large operating companies, defined as businesses employing more than 20 people with over $5 million in gross receipts or sales, to fund services benefiting Washingtonians and creates the "Well Washington Fund" account. The tax will be levied at a rate of five percent on payroll expenses that exceed the minimum wage threshold subject to the additional Medicare tax, which is currently set at $125,000 per employee. This tax is imposed on the employer and cannot be deducted from employee wages. A portion of the collected tax revenue, starting July 1, 2027, will be deposited into the Well Washington Fund, which can only be spent on higher education, healthcare (especially Medicaid), cash assistance programs, and energy and housing programs, after legislative appropriation. The bill also establishes a Well Washington Fund Oversight and Accountability Board composed of legislative members and gubernatorial appointees with expertise in relevant policy areas to provide guidance and ensure accountability for the fund's use. The legislation aims to mitigate potential funding gaps caused by federal austerity measures and to ensure the continued provision of essential services to Washington residents.