Continuing Legal Education
Antio v. Department of Revenue: A Significant Tax Case with Far-Reaching Implications
Date:
Dec. 12, 2024
Time:
On Oct. 24, 2024, in a 7-2 decision, the Washington Supreme Court upheld the Department of Revenue’s reversal of its long-standing interpretation of the Business and Occupation (B&O) tax investment deduction in Antio LLC v. Department of Revenue, Wash., No. 102223-9. Before the decision, the department had allowed the deduction for any investment income, so long as the taxpayer was not a banking, lending, or security business as defined in legislation from 2002. This decision greatly narrows the deduction.
This new interpretation of the deduction greatly increases the B&O tax liabilities of a wide variety of taxpayers and creates significant uncertainty regarding the scope of the deduction.
Please join us as we discuss the impact of the Antio decision on Washington state taxpayers.
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