5280‑S2 AAS 3/14/95

2SSB 5280 - S Amd - 232

     BySenators Pelz, Roach, Smith, Heavey, Rinehart, Deccio and West

                                                                    ADOPTED 3/14/95

     On page 2, beginning on line 34, strike all of section 4 and insert the following:

     "NEW SECTION. Sec. 4.  (1) The recipient shall begin paying the deferred taxes in the fifth year after the date certified by the department as the date on which the investment project is operationally complete.  The first payment is due on December 31st of the fifth calendar year after such certified date, with subsequent annual payments due on December 31st of the following nine years with amounts of payment scheduled as follows:

             Repayment Year          % of Deferred Tax Repaid

                  1                                 10%

                  2                                 10%

                  3                                 10%

                  4                                 10%

                  5                                 10%

                  6                                 10%

                  7                                 10%

                  8                                 10%

                  9                                 10%

                 10                                 10%

     (2) The department may authorize an accelerated repayment schedule upon request of the recipient.

     (3) Interest shall not be charged on any taxes deferred under this chapter for the period of deferral, although all other penalties and interest applicable to delinquent excise taxes may be assessed and imposed for delinquent payments under this chapter.  The debt for deferred taxes is not extinguished by insolvency or other failure of the recipient."

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