Senator reports out look for the state’s four-year budget period has improved by around $10 billion this year
VANCOUVER — Today (Fri., Nov. 19) the state Economic Revenue and Forecast Council adopted this year’s final quarterly forecast of state-government revenue, which shows an increase of $898 million for the current two-year budget cycle and $965 million for the 2023-25 cycle.
Sen. Lynda Wilson (Republican, 17th District), who serves on the ERFC as Republican leader on the Senate Ways and Means Committee, offered this comment:
“The outlook for the state’s 4-year budget period has improved by around $10 billion this year. That’s easily enough to fund our bipartisan proposal to exempt the first $250,000 of a homeowner’s assessed value from state property taxes. It’s enough to reduce the state portion of the sales tax. It’s enough to ease the tax burden on our state’s manufacturers, who were betrayed by the governor after the Legislature overwhelmingly supported manufacturing-tax relief in 2017. Any of these steps could be taken during our 2022 session without jeopardizing state services – because, to put it frankly, the state treasury is awash with money.
“Many of our state’s working people and job creators are trying to recover financially from the pandemic. The fact that price inflation is now at a 31-year high only adds to the pressure they’re feeling. They deserve to keep more of their own money, especially when the state’s coffers are running over. Otherwise, my colleagues in the majority will find a way to spend every available dime, and state government will continue to grow at an irresponsible rate. Whether you call it tax relief or ‘inflation relief,’ the question for the majority has to be: If not now, when?”