Booming economy equals perfect time for tax relief

November has been an eventful month. Although this year’s general election concluded more than three weeks ago, some of the state’s closest races came down to the wire and were still being sorted out as of yesterday. Some of the initiatives that were on this year’s ballot are also in flux, including one measure, Initiative 1639, which is now being challenged in court.

Positive economic news continues to roll in. The fourth of this year’s quarterly revenue forecasts was released last week. According to our state economist’s latest look at anticipated revenue and caseload expenses, the state is now expected to bring in an additional $163 million for the 2017-19 budget cycle and an additional $196 million for the two years after that (2019-21). That means the estimated revenue growth for the two-year period ending next June 30 is now up to $7 billion – a 17.8% rate of growth.

You can read more about this and other news affecting our community in the latest Report from Olympia.