H-0619.1 _______________________________________________
HOUSE BILL 1283
_______________________________________________
State of Washington 55th Legislature 1997 Regular Session
By Representatives Mason, Van Luven, Veloria, Ballasiotes, Costa, Morris, Wood, Tokuda, Kessler, Scott and Blalock
Read first time 01/21/97. Referred to Committee on Trade & Economic Development.
AN ACT Relating to funding for business and economic development programs; adding a new section to chapter 82.04 RCW; creating a new section; and making appropriations.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature finds that there is a need to increase economic opportunity in economically distressed communities. The legislature further finds that efforts to increase economic opportunity in economically distressed communities must involve a collaborative effort between community and business development agencies, individual businesses, financial institutions, public sector agencies, institutions of higher education, and community residents. It is the intent of the legislature to support institutions of higher education in the establishment of collaborative efforts to increase economic opportunity in economically distressed communities.
NEW SECTION. Sec. 2. A new section is added to chapter 82.04 RCW to read as follows:
(1) There may be credited against the tax imposed by this chapter, the value of a contribution to an institution of higher education for the purpose of increasing business and economic development opportunities for residents in distressed areas, for a business subject to taxation under this chapter.
(2) The credit allowed under this section is limited to an amount equal to fifty percent of the value of the contribution. The total credits allowed under this section shall not exceed one hundred thousand dollars per calender year. The total credits allowed under this section for a business shall not exceed fifty thousand dollars per calendar year.
(3) Prior to claiming the credit under this section, the business must obtain approval of the proposed contribution from the institution of higher education and the department of revenue. The request of the business for approval must include a description of the proposed contribution and an estimate of the value of the proposed contribution.
(4) As used in this section, "contribution" means either cash or other in-kind contributions or both.
NEW SECTION. Sec. 3. The sum of fifty thousand dollars, or as much thereof as may be necessary, is appropriated for the fiscal year ending June 30, 1998, from the general fund to the University of Washington for the purposes of the school of business administration's business and economic development program. The appropriation in this section is subject to the following conditions and limitations:
(1) The state funds shall be matched with nonstate sources. The match may include cash and other in-kind contributions; and
(2) No portion of the appropriation under this section shall be used to pay indirect costs of the University of Washington.
NEW SECTION. Sec. 4. The sum of fifty thousand dollars, or as much thereof as may be necessary, is appropriated for the fiscal year ending June 30, 1999, from the general fund to the University of Washington for the purposes of the school of business administration's business and economic development program. The appropriation in this section is subject to the following conditions and limitations:
(1) The state funds shall be matched with nonstate sources. The match may include cash and other in-kind contributions; and
(2) No portion of the appropriation under this section shall be used to pay indirect costs of the University of Washington.
--- END ---