SEATTLE (AP) — Washington is asking the state Supreme Court to uphold a new tax on big banks after a lower court judge sided with the industry in finding it unconstitutional. The 1.2% business and occupation surtax, which was passed by the Legislature in 2019, applies to banks that make more than $1 billion in annual profits. The banking industry says the tax discriminates against banks engaged in interstate commerce, in violation of the U.S. Constitution. Washington Solicitor General Noah Purcell told the court Tuesday the tax is not discriminatory because it applies to banks based on how much they make, regardless of where they’re based, and because it’s paid only on economic activity that occurs in Washington state.
Washington asks state high court to uphold tax on big banks
