SENATE BILL REPORT
SB 5409
This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent. |
As of February 28, 2017
Title: An act relating to extending the sales and use tax deferral for historic automobile museums.
Brief Description: Extending the sales and use tax deferral for historic automobile museums.
Sponsors: Senators Conway, O'Ban, Angel, Zeiger, Becker, Fortunato and Darneille.
Brief History:
Committee Activity: Agriculture, Water, Trade & Economic Development: 2/07/17.
Brief Summary of Bill |
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SENATE COMMITTEE ON AGRICULTURE, WATER, TRADE & ECONOMIC DEVELOPMENT |
Staff: Greg Vogel (786-7413)
Background: In 2005, the Legislature authorized a sales and use tax deferral for historic automobile museums to apply to construction-related costs. In order to be eligible for the deferral, the museum must be a nonprofit-run facility used to exhibit a collection of at least 500 vehicles. Taxes must be repaid beginning in the fifth year after the museum is operationally complete. Ten percent of the tax liability is due each year. If the Department of Revenue finds the project to be ineligible during the deferral period or if the project is not operational after five years from when the deferral was issued, deferred taxes must be repaid with interest.
Summary of Bill: The deferral date for sales and use tax payments is extended an additional five years, coming due in the tenth year following operational completion of the museum.
Appropriation: None.
Fiscal Note: Available.
Creates Committee/Commission/Task Force that includes Legislative members: No.
Effective Date: Ninety days after adjournment of session in which bill is passed.