CERTIFICATION OF ENROLLMENT

                        SENATE BILL 6668

                        55th Legislature

                      1998 Regular Session

Passed by the Senate February 16, 1998   YEAS 94   NAYS 0 President of the Senate Passed by the House March 10, 1998   YEAS 39   NAYS 8

CERTIFICATE I, Mike O=Connell, Secretary of the Senate of the State of Washington, do hereby certify that the attached is  SENATE BILL 6668 as passed by the Senate and the House of Representatives on the dates hereon set forth.

Speaker of the       House of Representatives

Secretary

Approved Place Style On Codes above, and Style Off Codes below.

FILED

Governor of the State of Washington

Secretary of State                   State of Washington

          _______________________________________________

                         SENATE BILL 6668

          _______________________________________________

             Passed Legislature - 1998 Regular Session

State of Washington      55th Legislature     1998 Regular Session

By Senators Heavey, Schow, Anderson, West, T. Sheldon, Rasmussen, Strannigan and Johnson

Read first time 01/27/98.  Referred to Committee on Commerce & Labor.

Extending tax deferrals for new thoroughbred race tracks. 

    AN ACT Relating to tax deferrals for new thoroughbred race tracks; and amending RCW 82.66.040.

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

    Sec. 1.  RCW 82.66.040 and 1995 c 352 s 4 are each amended to read as follows:

    (1) The recipient shall begin paying the deferred taxes in the ((fifth)) tenth year after the date certified by the department as the date on which the investment project is operationally complete.  The first payment is due on December 31st of the ((fifth)) tenth calendar year after such certified date, with subsequent annual payments due on December 31st of the following nine years with amounts of payment scheduled as follows:

    Repayment Year            % of Deferred Tax Repaid

          1                               10%

          2                               10%

          3                               10%

          4                               10%

          5                               10%

          6                               10%

          7                               10%

          8                               10%

          9                               10%

         10                               10%

    (2) The department may authorize an accelerated repayment schedule upon request of the recipient.

    (3) Interest shall not be charged on any taxes deferred under this chapter for the period of deferral, although all other penalties and interest applicable to delinquent excise taxes may be assessed and imposed for delinquent payments under this chapter.  The debt for deferred taxes is not extinguished by insolvency or other failure of the recipient.

                            --- END ---