Series: Big Oil's Accidental Tax Loophole
Anacortes Oil Refinery, photo by Ryan Healy
For nearly six decades, Washington State has given away hundreds of millions of dollars in tax revenue through an “accidental” loophole with no clear public policy objective. Giving away millions to the state’s oil industry every year is hard to understand. At a time when the state is facing budget shortfalls and is trying to cut emissions, subsidizing Big Oil simply doesn’t add up. It’s for the legislature to decide whether we’ll close this loophole to help shore up the state budget or continue this hidden handout to oil companies.
