SB 5529.E - DIGEST

(AS OF SENATE 2ND READING 4/14/03)

Revises the expiration date on the research and development business and occupation tax credit.

Directs the joint legislative audit and review committee to provide a report to the legislature the year before and every five years after the renewal of the tax credit in RCW 82.04.4452. The report shall be based upon information provided by the employment security department and the department of revenue. Proprietary information shall remain confidential as otherwise provided by law. The report shall include, but is not limited to: (1) Total value of tax revenue forgone as a result of the tax credit;

(2) Total value of qualifying investments made under the tax credit;

(3) Direct employment created or retained that is associated with the tax credit and average wages, reported in aggregate by North American industry classification;

(4) Total indirect employment created or retained associated with the tax deferral;

(5) Additional sales, property, and business and occupation tax revenues associated with the tax credit.

Provides that, in conducting this evaluation, the joint legislative audit and review committee shall use a generally accepted economic model and may contract with outside economic experts.