On March 17, the Washington State Economic and Revenue Forecast Council released updated revenue forecasts bringing the budget writers very good news – the state is expected to collect an additional $1.3 billion in state revenues for the current two-year budget, and an additional $1.9 billion for the 2021-2023 biennium, leaving the state with a net surplus of nearly $3 billion – including reserves – at the end of the current biennium.

OLYMPIA — Washington’s state tax collections are roaring back, with an estimated additional $3.2 billion projected through 2023 as parts of the economy brighten and people get vaccinated amid the COVID-19 pandemic. That’s a big chunk of money for a state with a $53.3 billion, two-year state budget that funds schools, parks, prisons and other programs.

Washington’s economy continues to improve, with the latest state revenue forecast showing that lawmakers will have more than $3 billion more to work with as they prepare to unveil budget plans next week, plus money the state will receive from the latest federal stimulus package.

The Revised March 2021 Economic Forecast is now available online.

While only three amendments passed, none was more consequential than Sen. Steve Hobbs’s amendment 413, which removed the emergency clause from the underlying bill...But, the impact was more profound — for political, electoral and legal reasons.

If you’re a mother or father struggling to get by, who didn’t always know when or where the next meal would come from, you will rest easier tonight knowing help is on the way. The bill not only boosts SNAP benefits through September, it also increases targeted nutrition assistance to mothers and young children and expedites more nutrition aid to U.S. territories. Farmers, business owners, and workers across the food supply chain will see additional assistance to respond to market disruption, as well.

The Washington State Economic and Revenue Forecast Council (ERFC) released their latest economic review this week, finding positive trends in the context of ongoing economic uncertainty.

We expect a 1.3% increase in Washington employment this year which is down from the 3.5% increase in the November forecast. We expect above average growth through the remainder of the forecast as the economy recovers from this deep recession. We expect employment growth to average 2.2% per year in 2022 through 2025 compared to the 1.7% average rate expected in November. Our forecast for nominal personal income growth this year is 3.9%, up from a 1.1% decline in the November forecast.

Wealth tax, capital gains tax, payroll tax — what’s the difference? We break it down.

The coronavirus pandemic has triggered permanent shifts in how and where people work. Businesses are planning for a future where more people are working from home, traveling less for business, or replacing workers with robots.