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Washington Revised Code Title 82. Excise Taxes § 82.87.150. Annual adjustments

Current as of April 06, 2022 | Updated by FindLaw Staff

(1) Beginning December 2023 and each December thereafter, the department must adjust the applicable amounts by multiplying the current applicable amounts by one plus the percentage by which the most current consumer price index available on December 1st of the current year exceeds the consumer price index for the prior 12-month period, and rounding the result to the nearest $1,000. If an adjustment under this subsection (1) would reduce the applicable amounts, the department must not adjust the applicable amounts for use in the following year. The department must publish the adjusted applicable amounts on its public website by December 31st. The adjusted applicable amounts calculated under this subsection (1) take effect for taxes due and distributions made, as the case may be, in the following calendar year.

(2) For purposes of this section, the following definitions apply:

(a) “Applicable amounts” means:

(i) The distribution amount to the education legacy trust account as provided in RCW 82.87.030(1)(a);

(ii) The standard deduction amount in RCW 82.87.020(13) and 82.87.060(1);

(iii) The worldwide gross revenue amount under RCW 82.87.070; and

(iv) The minimum qualifying charitable donation amount and maximum charitable donation amount under RCW 82.87.080.

(b) “Consumer price index” means the consumer price index for all urban consumers, all items, for the Seattle area as calculated by the United States bureau of labor statistics or its successor agency.

(c) “Seattle area” means the geographic area sample that includes Seattle and surrounding areas.

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Cite this article: FindLaw.com - Washington Revised Code Title 82. Excise Taxes § 82.87.150. Annual adjustments - last updated April 06, 2022 | https://codes.findlaw.com/wa/title-82-excise-taxes/wa-rev-code-82-87-150/

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