Modifying business and occupation tax rates to fund programs and services to benefit Washingtonians.

HB 1320 increases business and occupation tax rates for multiple sectors to fund state programs. It raises rates for extractors and manufacturers to 0.5324%, semiconductor manufacturers to 0.3025% (with employment requirements), and real estate brokers to 1.65%. The bill also creates a temporary 0.31944% rate for aviation repair stations until 2040. Businesses claiming semiconductor tax preferences must maintain 90% of their three-year average employment or reimburse 50% of the tax benefit. All rate changes are intended to generate revenue for state programs benefiting Washington residents, as specified in the bill's title.