S-1134.1  _______________________________________________

                    SUBSTITUTE SENATE BILL 5112

          _______________________________________________

State of Washington      55th Legislature     1997 Regular Session

By Senate Committee on Ways & Means (originally sponsored by Senators Oke and Winsley)

Read first time 02/12/97.

Providing property tax refund interest from the date of collection.

    AN ACT Relating to interest on property tax refunds; amending RCW 84.69.100; and creating a new section.

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

    Sec. 1.  RCW 84.69.100 and 1989 c 14 s 6 are each amended to read as follows:

    Refunds of taxes made pursuant to RCW 84.69.010 through 84.69.090 shall include interest from the date of collection of the portion refundable ((or from the date of claim for refund, whichever is later)):  PROVIDED, That refunds on a state, county, or district wide basis shall not commence to accrue interest until six months following the date of the final order of the court.  No written protest by individual taxpayers need to be filed to receive a refund on a state, county, or district wide basis.  The rate of interest shall be the equivalent coupon issue yield (as published by the Board of Governors of the Federal Reserve System) of the average bill rate for twenty-six week treasury bills as determined at the first bill market auction conducted after June 30th of the calendar year preceding the date the taxes were paid ((or the claim for refund is filed, whichever is later)).  The department of revenue shall adopt this rate of interest by rule.

NEW SECTION. Sec. 2.  This act applies to claims made after January 1, 1998.

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