6346-S.E AMH REEV TAYT 569

ESSB 6346 - H AMD TO H AMD (H-3793.3/26) 2610

NOT ADOPTED 03/09/2026

On page 69, after line 21 of the striking amendment, insert the following:

"NEW SECTION. Sec. A new section is added to chapter 82.08 RCW to read as follows:

(1) As a complement to the working families tax credit in RCW 82.08.0206, a state retirement savings credit funded by sales and use tax and imposed and the income tax imposed pursuant to this act, is provided to eligible individuals beginning with tax year 2029. The credit is refundable and calculated as provided in this section.

(2)For the purposes of this section, the following definitions apply:

(a) “Eligible individual” means an individual who:

(i) Makes a qualified retirement contribution during the taxable year;

(ii) Properly files a return under this chapter for the taxable year;
‎(iii) Is a Washington resident during the taxable year; and

(iv) Has paid either retail sales tax under this chapter or use tax under chapter 82.12 RCW, or both. There is a rebuttable presumption that a person paid either retail sales under this chapter or use tax under chapter 82.12 RCW, or both, if they were a Washington resident during the year for which the credit is claimed.

(b) “Qualified retirement contribution” means contributions made during the taxable year to:
‎(i) A Washington retirement savings program authorized by law; or

(ii) A retirement account qualifying under Title 26 U.S.C. Sec. 219, 401(k), or 408 of the internal revenue code.

(b) “Eligible individual” means a Washington resident who makes a qualified retirement contribution during the taxable year.

(3)(a) The credit equals twenty-five percent of qualified retirement contributions.

(b) The maximum credit allowed is:
‎(i) Five hundred dollars per taxpayer; or

(ii) One thousand dollars for married individuals filing jointly.

(c) The credit must begin to phase out when Washington taxable income exceeds the self-sufficiency standard and must be fully phased out at:

(i) $1,000,000 for single filers; and
‎(ii) $1,500,000 for married individuals filing jointly.

(d) The department shall establish uniform phase-out formulas by rule.

(4) Beginning January 1, 2030, and annually thereafter, the maximum credit amounts must be adjusted for inflation consistent with the Seattle-area consumer price index and rounded to the nearest five dollars.

(5) The credit is refundable.

(6) Administration, verification, assessments, interest, and penalties apply as provided in chapter 82.32 RCW.

(7) The department may adopt rules necessary to implement this section.

(8) This section takes effect January 1, 2029."

Renumber the remaining sections consecutively and correct any internal references accordingly.

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