SENATE BILL REPORT

                            HB 2482

  AS REPORTED BY COMMITTEE ON WAYS & MEANS, FEBRUARY 23, 1994

Brief Description:  Extending the qualifying date for tax deferral of certain investment projects.

SPONSORS: Representatives Holm, Foreman, Brough, B. Thomas, Forner, Long, Springer, Kessler, Cooke and Wood; by request of Department of Revenue

HOUSE COMMITTEE ON REVENUE

SENATE COMMITTEE ON WAYS & MEANS

Majority Report:  Do pass. 

     Signed by Senators Rinehart, Chairman; Quigley, Vice Chairman; Anderson, Bauer, Bluechel, Cantu, Gaspard, Hargrove, Hochstatter, Ludwig, McDonald, Moyer, Owen, Pelz, Roach, L. Smith, Snyder, Spanel, Sutherland, Talmadge, West, Williams and Wojahn.

Staff:  Terry Wilson (786‑7715)

Hearing Dates: February 22, 1994; February 23, 1994

BACKGROUND:

In 1993, the Legislature extended the application deadline for the tax deferrals for manufacturing and research and development projects from July 1, 1994 to July 1, 1998.  However, the Governor vetoed a section of the bill because it also expanded eligibility for deferral to additional projects.  As a result of the veto, the date by which projects must start is December 31, 1994, although the application deadline is July 1, 1998.

SUMMARY:

The project initiation deadline is changed from December 31, 1994, to December 31, 1998.  This is consistent with the new application deadline of July 1, 1998.

Appropriation:  none

Revenue:  none

Fiscal Note:  available

TESTIMONY FOR:  None

TESTIMONY AGAINST:  None

TESTIFIED:  No one