S-0136.2  _______________________________________________

 

                         SENATE BILL 5280

          _______________________________________________

 

State of Washington      54th Legislature     1995 Regular Session

 

By Senators Smith, Roach, West, Bauer, Schow, Finkbeiner, Johnson, Hale, Kohl, Deccio, Drew and Rasmussen

 

Read first time 01/18/95.  Referred to Committee on Labor, Commerce & Trade.

 

Providing tax exemptions for a new thoroughbred race track facility.



    AN ACT Relating to tax deferrals for a new thoroughbred race track facility; and adding a new chapter to Title 82 RCW.

 

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

 

    NEW SECTION.  Sec. 1.  The state and local sales and use taxes under chapters 82.08, 82.12, and 82.14 RCW shall be deferred for a new thoroughbred race track facility for ten years from the date the facility has obtained the necessary permits for the site, the Washington horse racing commission has provided a license for the facility, and equipment, labor, or materials are purchased for the facility.  The facility shall pay the taxes deferred under this section within five years of the end of the ten-year deferral.  Interest may not be charged on taxes deferred under this section for the deferral and payment period, although all other penalties and interest applicable to delinquent excise taxes may be assessed and imposed for delinquent payments under this section.  For the purposes of this section, "a new thoroughbred race track facility" means a new thoroughbred race track facility that is located west of the Cascade mountains and begins construction by July 1, 1998.

 

    NEW SECTION.  Sec. 2.  The department of community, trade, and economic development shall adopt rules for the administration of section 1 of this act.

 

    NEW SECTION.  Sec. 3.  Sections 1 and 2 of this act shall constitute a new chapter in Title 82 RCW.

 


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