HB 3063-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

Requires the joint legislative audit and review committee to review all tax preferences in Title 84 RCW that have not been reviewed under this act beginning in 2005 and every six years thereafter. The review shall be completed and a report prepared on or before June 30th of the year a review is required.

Provides that the review shall not include an evaluation of any tax preference in chapter 84.36 RCW that has been in effect less than two years.

Requires that, upon completion of the review, the committee shall transmit the report to the appropriate committees of the legislature. The report shall include the following: (1) Identification of the populations whose tax liabilities are directly affected by the tax preferences in chapter 84.36 RCW under review;

(2) Identification where possible of the legislative objective in establishing a tax preference and an assessment of the extent to which the preference has accomplished that objective;

(3) An estimate of the additional tax revenues that state and local governments would collect if a tax preference is eliminated; and

(4) An analysis of the change in the distribution of property taxes if a tax preference is eliminated.

Repeals RCW 43.136.010, 43.136.020, 43.136.030, 43.136.040, 43.136.050, and 43.136.070.