The latest version of the Tax Loophole Reform Initiative is Initiative 605. It has now received a ballot title and summary. Here is the information from the Washington State Secretary of State’s website. We will be appealing the ballot title as we believe it does not accurately reflect the main thrust of the initiative – which is to create a Tax Expenditure Budget that reflects the current off budget spending by the state in terms of tax exemptions, credits, deductions, and preferential tax rates that exclude almost as much money as what the state collects in revenue to fund operating the state and providing state services.
Initiative Measure No. 605 concerns state revenue.
This measure would count tax exemptions, credits, deductions, and preferential rates toward the state expenditure limit; allow raising the limit without voter approval if required by court order; and repeal tax advisory votes.
Should this measure be enacted into law? Yes [ ] No [ ]
Ballot Measure Summary
This measure would require existing and new tax exemptions, credits, deductions, and preferential rates (called “tax expenditures”) to count toward the state expenditure limit and be included in appropriations bills. The state expenditure limit could be raised without voter approval if required by court order. Advisory votes on tax legislation would be repealed. Priority ranking and additional reporting requirements would apply to tax expenditures. Elimination of expenditures and fee increases would not constitute “raising taxes.”