On page 10, beginning on line 25, strike all of section 311 and insert the following:

"NEW SECTION.  Sec. 311. ONE MILLION/TWO MILLION DOLLAR STANDARD DEDUCTION.In computing a taxpayer's Washington taxable income, a taxpayer may deduct from the taxpayer's Washington base income a standard deduction of $1,000,000 per individual for single returns, or in the case of spouses or domestic partners filing a joint return, a standard deduction of $2,000,000. The standard deduction amounts under this section must be adjusted as provided under sections 312 and 313 of this act."