Modifying business and occupation tax surcharges, rates, and the advanced computing surcharge cap, clarifying the business and occupation tax deduction for certain investments, and creating a temporary business and occupation tax surcharge on large companies.

SB 5815 proposes modifications to Washington's Business and Occupation (B&O) tax system. The bill would increase certain B&O tax rates for businesses engaged in activities such as extracting, manufacturing, and retail sales to 0.5 percent. It also introduces a temporary B&O tax surcharge specifically for large companies with annual revenues exceeding $250 million. Additionally, the bill clarifies B&O tax deductions for certain investments and adjusts the advanced computing surcharge cap. The stated intent is to generate revenue to support public schools, higher education, health care, and social services across the state.