The legislature finds that Washington state has many competing and important public service needs, including additional funding for a more robust public health system, support for low-income families, and other support systems for the vulnerable in the state. With abundant wealth concentrated in specific sectors and among particular companies and individuals, there is a need to prioritize and direct financial resources to those in need. When companies and nonprofits have sufficient revenues to be able to make financial investments that generate additional profits, there is no need to give them tax breaks on those additional revenues. Nonprofit hospitals, in particular, often find themselves with large revenues and high investment prospects. Instead of giving these kind of entities a break on that investment income, the legislature finds that we should use that tax revenue on funding the basic needs of Washingtonians.
This section modifies existing section 82.04.4281. Here is the modified chapter for context.
In computing tax there may be deducted from the measure of tax
amounts derived by an individual from investments
.