Budget & Taxes (Tax Credits)

HB 1913 repeals a tax credit that previously helped low-income households with home energy assistance costs. It removes the specific provision (RCW 82.16.0497) that allowed utility companies to provide this credit. This change directly affects households currently receiving home energy assistance by eliminating this financial benefit, effective January 1, 2026. The bill makes no new provisions or programs - only removes the existing tax credit mechanism.

SB 5063 creates a tax credit program for Washington state rail infrastructure improvements. It provides a 50% tax credit against state taxes for eligible rail operators (including class II/III railroads, port/city-owned rail, and industrial spur owners) on qualifying maintenance, new construction, and modernization costs. Credits are capped at $500,000 per company annually and $8 million statewide, with unused credits carryable for up to five years or transferable to other taxpayers. The bill directly affects smaller rail carriers and industrial facilities by reducing costs for upgrading tracks, bridges, and safety infrastructure to support modern freight needs.

HB 2047 phases out the Washington employee ownership program. It shortens the period during which businesses can earn tax credits for converting to worker-owned cooperatives, employee ownership trusts, or employee stock ownership plans, moving the deadline for earning credits from June 30, 2029, to June 30, 2025. The bill also makes the program's activities, such as providing technical support and referrals, contingent upon specific funding appropriations. The tax credit provisions are set to expire earlier, effectively eliminating these incentives for businesses.