BILL REQ. #:  H-4944.1 

READ FIRST TIME 02/03/06.   

     AN ACT Relating to excise tax relief for businesses impacted by light rail construction; adding a new section to chapter 82.04 RCW; adding a new section to chapter 82.32 RCW; providing contingent expiration dates; 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:
     (1) In computing tax there may be deducted from the measure of tax amounts received by a business that is located on a parcel of real property any portion of which is less than five hundred feet from the right of way of Martin Luther King Jr. Way between McClellan Street and Boeing Access Road. As used in this section, "parcel of real property" has the meaning given in RCW 84.04.130.
     (2) This section expires on the earlier of:
     (a) The first day of the month that is at least six months after the date the department of revenue certifies that light rail construction is substantially complete near businesses described in subsection (1) of this section; or
     (b) July 1, 2009.

NEW SECTION.  Sec. 2   A new section is added to chapter 82.32 RCW to read as follows:
     (1) An amount equal to the total of deductions claimed under section 1 of this act in the previous month shall be deducted from the amount to be distributed under RCW 81.104.170 to a regional transit authority and deposited to the state general fund.
     (2) This section expires when section 1 of this act expires.

NEW SECTION.  Sec. 3   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.