Senate Bill 5815 modifies Washington’s business and occupation (B&O) tax law across many classifications. It amends multiple RCW sections to change tax rates for extractors, manufacturers, retailers, wholesalers, sellers of digital goods, persons cleaning up radioactive waste, and others—setting many of those activities at 0.5 percent in the cited sections and creating specific lower rates (for example, 0.2904 percent for FAA part 145 certificated repair stations until July 1, 2040, and a 0.138 percent preferential manufacturing rate for specified agricultural and food processing activities beginning at dates noted in the bill). The bill also reenacts and amends the advanced computing surcharge (1.22% April 1, 2020–Dec 31, 2025; 5% beginning Jan 1, 2026, with a $9 million affiliated-group cap subject to exceptions) and creates a temporary 0.5 percent surcharge on Washington taxable income above $250,000,000 effective Jan 1, 2026 through Dec 31, 2030. It amends the additional tax on specified financial institutions for certain periods, but the new post-October 1, 2025 rate text is incomplete in the extracted material. The bill makes procedural and definitional changes and adds reporting and compliance requirements. It clarifies and narrows the B&O deduction for investment income in RCW 82.04.4281 (allowing deduction where investment income is incidental and under 5 percent of worldwide gross, with special rules for nonprofits and collective investment vehicles), directs the Department of Revenue to adopt implementing rules and guidance, and requires annual tax performance reports for certain taxpayers under RCW 82.32.534. It imposes disclosure duties for affiliated groups and financial institutions, sets penalties for noncompliance (including a 50 percent surcharge penalty for affiliated-group evasion of the advanced computing surcharge and reference to the evasion penalty in RCW 82.32.090(7) for financial institution nondisclosure), and specifies which funds tax revenues are deposited into (state general fund and the workforce education investment account). This bill is a package of tax law changes—mostly rate adjustments, new and amended surcharges, definition and deduction reforms, reporting and payment procedure changes, and specified penalty provisions—not a criminal law change. Several provisions and cross-references in the extracted text are incomplete or cut off (for example portions of Sec. 107, Sec. 202, and other cited RCW amendments), so full details of some rate changes, exceptions, and the post‑2025 financial institution rate are uncertain from the material provided.

If enacted, the bill resets many Washington business and occupation tax rates and adds new surcharges that will shift who pays more and who pays less. Numerous activities (extractors, many manufacturers, retailers, wholesalers, sellers of digital goods, cleanup contractors working on radioactive waste, and others) are placed at or move toward a 0.5 percent B&O rate, while certain industries get lower special rates (for example, FAA part 145 repair stations get 0.2904% until 2040; targeted food and wood processing can qualify for a 0.138% manufacturing rate; aerospace product development gets 0.9% through 2040). The act also creates a temporary 0.5% surcharge on Washington taxable income over $250 million (effective 2026–2030), raises an advanced computing surcharge sharply (1.22% through 2025, then 5% beginning 2026) with a $9 million affiliated‑group cap and directs that revenue to the workforce education investment account, and adjusts an additional tax on large financial institutions with reporting and disclosure rules. The most affected parties will be large corporations, select tech and cloud/online platform companies, banks and other financial institutions, aerospace firms, timber and seafood processors, port/stevedoring businesses, and various specialty service providers. Many firms will see higher cash tax costs or new quarterly reporting and disclosure obligations, while some manufacturers and exporters may see lower tax bills; several industries must begin or expand annual performance reporting and face steep penalties (including a 50% surcharge penalty for certain nondisclosures) if they fail to comply. Key details that businesses and advisors will need to finalize planning are missing from the extracted text (for example, the post‑October 1, 2025 financial‑institution rate and some provisions that determine reduced aerospace rates and other exemptions), so affected entities will face some near‑term uncertainty about exact liabilities and compliance requirements.