International banking facilities

From the 2024 DOR Tax Exemption Study

82.04.315 - International banking facilities Description International banking facilities are exempt from B&O tax. An international banking facility is: - A branch of a foreign bank. - A set of accounts segregated by a commercial bank for international banking. - An Edge Act corporation under the Federal Reserve Act. - Certain Agreement corporations under the Federal Reserve Act. Purpose To encourage international trade through banks in Washington. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes CTI CTI CTI CTI Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 CTI CTI CTI Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions This exemption impacts fewer than three taxpayers; any impacts are confidential. Data Sources - Federal Reserve Board, Structure Data for U.S. Banking Offices of Foreign Entities - Federal Reserve Board, Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks Additional Additional Information Information Category: Business Year Enacted: 1982 Primary Bene