The Washington Office of Financial Management has issued a forecast of the financial hit for various sin taxes as proposed during this legislative session. HB 3204, titled AN ACT Relating to modifying Washington state excise tax laws, was introduced in the House of Representatives. The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected feepayers.
Section 903 stipulates that the Department of Revenue (DOR) must develop a depreciation schedule for use in determining fair market value. DOR will develop a depreciation schedule if the legislation passes. Thus, until the fair market value of each aircraft is established and a depreciation schedule is established by DOR to estimate future values, how much excise tax to impose cannot be determine.