Petroleum exported in fuel tanks

From the 2024 DOR Tax Exemption Study

82.23A.040(1) - Petroleum exported in fuel tanks Description A credit may be claimed against the petroleum products tax for fuel exported from the state in the fuel tank of any vehicle, including airplanes, ships, or trucks. This credit expires on July 1, 2030. Purpose To tax the first use of the products in Washington which have the potential to cause environmental damage. This credit presumes the environmental risk reduces significantly after depositing the fuel in the vehicle fuel tank. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.830 $0.840 $0.210 $0.880 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this credit would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.770 $0.210 $0.880 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. - Growth rate mirrors the growth rate for the refiners' acquisition price for crude oil reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - The petroleum products tax will be suspende