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Archive for U.S. State Tax Law Changes

Important U.S. State Tax Measures: Watch Out For The Results In These State Initiatives

Monika Miles- State Tax Measures
Carbon State Tax Initiative: Washington

Washington’s Initiative 1631 would impose a tax on carbon emissions from companies that either sell or use fossil fuels; it would be the first of its kind across the country.

What would this new state tax cost companies? The Tax Policy Center explains, “The proposed rate is $15 per metric ton of carbon emissions beginning in 2020 with $2 annual increases until the state meets its emissions target.” The Tax Foundation specifies the target as, “Reducing overall emissions to 25 percent below 1990 levels by 2035, and by 50 percent below 1990 levels (or 70 percent below the state’s expected emissions for that year) by 2050.”

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