WSR 23-14-045

INTERPRETIVE STATEMENT

DEPARTMENT OF REVENUE

[Filed June 27, 2023, 11:42 a.m.]

The department of revenue has issued the following excise tax advisory (ETA): ETA 3076.2023 Deductibility of Interest Received on Investments or Loans Primarily Secured by First Mortgages or Trust Deeds on Nontransient Residential Properties.

This ETA provides guidance on the B&O tax deductions available under RCW 82.04.4292. It is being updated to reflect the loan servicing fee deduction available under RCW 82.04.4292(4), explain the limitation placed on the deductions under RCW 82.04.29005, and provide clarification on the specific elements required for a taxpayer to qualify for the deductions.

A copy of this document is available via the internet at excise tax advisories [contact agency for link].

Atif Aziz

Tax Policy Manager

Rules Coordinator