Big banks face surtax in Washington state after court upholds 2019 law - American Banker

Large banks operating in Washington state will have to pay more in taxes after a court upheld a state revenue-raising plan that specifically targets big financial institutions.

In a unanimous opinion Thursday, the Washington Supreme Court rejected the argument, made by banking trade groups, that the 2019 tax law discriminates against out-of-state companies. The decision overturned the ruling of a trial court that sided with the industry groups.

The two-year-old law imposes a surtax on certain financial institutions with an annual company-wide net income of at least $1 billion, whether they are based in Washington state or elsewhere. Industry groups had contended that the law was nonetheless aimed at out-of-state banks in violation of the portion of the U.S. Constitution that gives Congress the right to regulate commerce between the states.

source: https://www.americanbanker.com/news/big-banks-face-surtax-in-washington-state-after-court-upholds-2019-law

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