Broke-ass Washington state set to give MSFT $100M annual tax cut and amnesty for $1B in evasion

Jeff sez:

Facing a $2.8 billion deficit and pending insolvency, Washington State's House Bill 3176 proposes changes to its B&O Royalty tax that would give Microsoft an estimated $100 million tax cut annually and possible amnesty for more than a billion dollars in past tax evasion.

Under current law, all of Microsoft's worldwide licensing revenues of approximately $20.7 billion annually are taxable at .484 percent or ~$100.1 million. Under the new law, only the portion of software licenses sold to Washington state customers would be taxable - perhaps resulting in less than a million annually in royalty tax from the company.

The lead sponsor of HB3176 is Democratic Representative Ross Hunter, who represents Medina, home to Bill Gates and a number of current and former Microsoft billionaires and multi-millionaires, and other areas around Microsoft's corporate campus.

Washington to Give Microsoft a $100 Million Annual Tax Cut...and Possible Amnesty on Past Tax Evasion

(Image: WEB DEVELOPERS!, a Creative Commons Attribution photo from Nick, Programmerman's photostream)