S‑0291.1   _____________________________________________

SENATE BILL 5095

           _____________________________________________

State of Washington      57th Legislature     2001 Regular Session

By Senators T. Sheldon, Sheahan, Gardner, Honeyford, Hargrove, Rasmussen, Costa, Haugen and McCaslin

Read first time 01/10/2001.  Referred to Committee on Economic Development & Telecommunications.

_1      AN ACT Relating to economic development in rural counties; and

_2  amending RCW 82.62.030.

_3  BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

_4      Sec. 1.  RCW 82.62.030 and 1999 c 164 s 306 are each amended to

_5  read as follows:

_6      (1) A person shall be allowed a credit against the tax due

_7  under chapter 82.04 RCW as provided in this section.  The credit

_8  shall equal:  (a) Four thousand dollars for each qualified

_9  employment position with wages and benefits greater than forty

10  thousand dollars annually that is directly created in an eligible

11  business and (b) two thousand dollars for each qualified

12  employment position with wages and benefits less than or equal to

13  forty thousand dollars annually that is directly created in an

14  eligible business.

15      (2) The department shall keep a running total of all credits

16  granted under this chapter during each fiscal year.  The

17  department shall not allow any credits which would cause the

18  tabulation to exceed seven million five hundred thousand dollars

19  in any fiscal year.  If all or part of an application for credit

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_1  is disallowed under this subsection, the disallowed portion shall

_2  be carried over for approval the next fiscal year.  However, the

_3  applicant's carryover into the next fiscal year is only permitted

_4  if the tabulation for the next fiscal year does not exceed the cap

_5  for that fiscal year as of the date on which the department has

_6  disallowed the application.

_7      (3) No recipient may use the tax credits to decertify a union

_8  or to displace existing jobs in any community empowerment zone, as

_9  defined in RCW 43.31C.020, in the state.

10      (4) No recipient may receive a tax credit on taxes which have

11  not been paid during the taxable year.

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