Minimal amount of hazardous substance

From the 2024 DOR Tax Exemption Study

82.21.040(1) - Successive uses of hazardous substance Description Any successive possession of a previously taxed hazardous substance is exempt from the hazardous substance tax. Purpose To avoid double taxation. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $509.661 $661.906 $607.948 $751.935 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 $606.748 $607.948 $751.935 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Annual refinery utilization and capacity for Washington is approximately 25% of the total capacity in the Pacific Region, and it will represent the taxable petroleum product volume. - Non-volumetric products are 5% of volumetric revenue. - Electric vehicle registration growth would proportionately decrease the gasoline volume consumption. - The likelihood of successive taxation exposure is expressed in terms of multiplier(s) to the currently reported taxable amount, and