Washington state faces a $903 million revenue drop due to weaker sales and lower taxes, impacting budget plans.
OLYMPIA, Wash. — Washington’s projected Near General Fund revenue collections through 2029 have dropped by about $903 million compared with the June forecast, according to estimates released Tuesday by the state Economic and Revenue Forecast Council.
The decline stems from weaker taxable sales in retail and construction, lower state agency revenues and reduced real estate excise tax collections, the council said.
RELATED: New Washington state taxes surprise, confuse business owners
Gov. Bob Ferguson said his budget team had been bracing for weaker numbers.
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