H-1338.1  _______________________________________________

                          HOUSE BILL 1621

          _______________________________________________

State of Washington      54th Legislature     1995 Regular Session

By Representatives Appelwick, Patterson, Mastin, Kessler, Romero, Dellwo, Tokuda, Poulsen, Brown, Chopp, Grant, Cole, Costa, Thibaudeau, G. Fisher, R. Fisher, Morris, Ebersole, Hatfield, Regala, Conway, Wolfe, Scott and Mason

Read first time 02/01/95.  Referred to Committee on Finance.

Reducing business and occupation tax rates.

    AN ACT Relating to reducing business and occupation tax rates; adding a new section to chapter 82.04 RCW; repealing RCW 82.04.4451; providing an effective date; and declaring an emergency.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 82.04 RCW to read as follows:

    In computing tax there may be deducted from the measure of the tax up to ten thousand dollars per month.  The department of revenue shall allow deductions in those instances in which quarterly, semiannual, or annual returns are permitted.  Deductions for such periods shall be equivalent in amount to the total of exemptions for each month of a reporting period.

NEW SECTION. Sec. 2.  RCW 82.04.4451 and 1994 sp.s. c 2 s 1 are each repealed.

NEW SECTION. Sec. 3.  This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect July 1, 1995.

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