1762 AMH  LONG 51

HB 1762 - H AMD

By Representative ___

     Strike everything after the enacting clause and insert:

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

     (1) In computing the tax imposed under this chapter, a taxpayer may claim a credit for taxes imposed under RCW 82.64.020 and paid to a wholesaler or to the department.  For sales occurring on or after October 1, 2001, and before July 1, 2003, the credit is equal to fourteen percent of the taxes paid under RCW 82.64.020.  For sales occurring on or after July 1, 2003, the credit is equal to fifty percent of the taxes paid under RCW 82.64.020.

     (2) Credits shall not exceed the amount of tax paid by the taxpayer under this chapter during the reporting period.  Credits in excess of tax paid under this chapter in a reporting period may be carried forward to future reporting periods for a maximum of one year.

     (3) For the purposes of this section, "taxpayer" does not include a wholesaler with respect to tax collected by the wholesaler and paid to the department under RCW 82.64.050."

Correct the title accordingly.

EFFECT:  Allows a B&O credit for syrup taxes, equal to 14% from October 2001 to July 2003, and 50% thereafter.  The fiscal impact is estimated as $2.3 million for 01-03 and $10 million for 03-05.