(The Center Square) – The executive director of the Washington State Economic and Revenue Forecast Council says the overall revenue picture for the state is “pretty good.”
But the elephants in the room as Dave Reich began his revenue forecast presentation Wednesday morning were the state Department of Revenue’s Tuesday announcement that it had made a series of errors in tallying the state’s new capital gains tax and the recent departure of a billionaire to live in another state.
The errors, he said came from “a double booking of about $50 million in tax receipts from the capital gains tax.”
The other error Reich said was a coding issue at DOR.
“So we’ve adjusted our forecast down,” he explained.
A Washington State Republican Party news release took DOR to task for the errors.
“The series of errors has caused an overstatement of approximately $150 million for the current budget cycle that now
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