S.B. 5398, which was introduced by Sen. Lisa Wellman, D-Mercer Island, would allow qualifying small businesses to claim a deduction of their excise tax liability after all other deductions have been applied. Small businesses that are eligible must have seen a 50% drop in income for the 2020 tax year and have a gross income less than $50 million.
If enacted, the bill would take immediate effect.
--Editing by Vincent Sherry.
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