S-0626.1  _______________________________________________

                         SENATE BILL 5426

          _______________________________________________

State of Washington      56th Legislature     1999 Regular Session

By Senators Hochstatter, Swecker and Stevens

Read first time 01/22/1999.  Referred to Committee on Ways & Means.

Reducing state property tax equivalent to moneys received under the state tobacco litigation settlement.

    AN ACT Relating to reducing the state property tax equivalent to moneys received under the state tobacco litigation settlement; adding a new section to chapter 84.55 RCW; and creating a new section.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 84.55 RCW to read as follows:

    (1) In calculating the limit on the state property tax levy under RCW 84.55.010 for any calendar year, state levies shall be set at the amount that would be allowed otherwise under this chapter if the state levy for collection in 2000 and thereafter had been set without any reduction under subsection (3) of this section.

    (2) The attorney general shall certify to the department of revenue by October 1st of each year the amount of money to be received by the state in the following calendar year under the December 1998 settlement of the state's litigation against the major tobacco companies, exclusive of recoveries for costs and fees.

    (3) The state property tax levy determined under subsection (1) of this section for collection in calendar year 2000 and thereafter shall be reduced by the amount certified to be received during that calendar year under subsection (2) of this section.

NEW SECTION. Sec. 2.  This act applies to taxes levied for collection in 2000 and thereafter.

                            --- END ---