7902.E AMH MORR H2277.1

ESB 7902 - H AMD 055 FAILED 2-26-97

By Representative Morris

    Strike everything after the enacting clause and insert the following:

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

    In addition to the credit offered in RCW 82.04.4451, in computing the tax imposed under RCW 82.04.255 and 82.04.290, a credit is allowed against the amount of tax otherwise due, as provided in this section.  The credit shall equal the lesser of (1) fifty percent of the amount of tax otherwise due; or (2) two hundred fifty dollars multiplied by the number of months in the reporting period, as determined under RCW 82.32.045.

NEW SECTION. Sec. 2.  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 takes effect July 1, 1997."

    Correct the title accordingly.

EFFECT:  Targets the B&O tax rate reductions to smaller businesses by providing a credit equal to the lesser of 50 percent or $3,000 per year.

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