Read first time 03/02/2005.   Referred to Committee on Finance.

     AN ACT Relating to excise tax relief for public development authorities; adding a new section to chapter 82.04 RCW; and declaring an emergency.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 82.04 RCW to read as follows:
     This chapter does not apply to public development authorities created under RCW 35.21.660 or 35.21.730 through 35.21.755 in respect to amounts derived from providing services to:
     (1) A limited liability company in which the public development authority is the sole managing member;
     (2) A limited partnership in which the public development authority is the sole general partner; or
     (3) A single asset entity required under any federal, state, or local governmental housing assistance program, which is controlled directly or indirectly by the public development authority.

NEW SECTION.  Sec. 2   This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately.