BILL REQ. #:  S-0960.2 

Read first time 01/31/2005.   Referred to Committee on Ways & Means.

     AN ACT Relating to syrup taxes; adding a new section to chapter 82.04 RCW; providing an effective date; 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)(a) Until July 1, 2007, in computing the tax imposed under this chapter, a taxpayer may claim a credit for fifty percent of the taxes imposed under RCW 82.64.020 and paid to a wholesaler or to the department.
     (b) Beginning July 1, 2007, in computing the tax imposed under this chapter, a taxpayer may claim a credit for all taxes imposed under RCW 82.64.020 and paid to a wholesaler or to the department.
     (2) Credits shall not exceed the amount of tax paid by the taxpayer under this chapter during the reporting period. Credits in excess of tax paid under this chapter in a reporting period may be carried forward to future reporting periods for a maximum of one year.
     (3) For the purposes of this section, "taxpayer" does not include a wholesaler with respect to tax collected by the wholesaler and paid to the department under RCW 82.64.050.

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 July 1, 2005.