BILL REQ. #:  S-0910.1 

Read first time 01/23/09.   Referred to Committee on Economic Development, Trade & Innovation.

     AN ACT Relating to providing tax incentives for contributions for research and technology development grants; adding a new section to chapter 82.04 RCW; and adding a new section to chapter 82.16 RCW.

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 the tax imposed under this chapter, a credit is allowed in an amount equal to the amount of contributions made to the Washington technology center, or to funds controlled by the Washington technology center, for research and technology development grants.
     (2) The credit under this section must be earned, and claimed against taxes due under this chapter, for the tax reporting period in which the contribution was made by the person claiming credit under this section. The credit may not exceed the tax otherwise due under this chapter for the tax reporting period. Unused credit may be carried over and used in subsequent tax reporting periods. No refunds may be granted for credits under this section.
     (3) For the purposes of this section, "Washington technology center" means the Washington technology center created in chapter 28B.20 RCW.

NEW SECTION.  Sec. 2   A new section is added to chapter 82.16 RCW to read as follows:
     A person who has made contributions to the Washington technology center, or to funds controlled by the Washington technology center, for the purpose of research and technology development grants is allowed a credit against taxes due under this chapter in an amount equal to the amount of any such contributions made in any fiscal year. The credit must be taken in the form and manner required by the department. The credit may not exceed the tax that would otherwise be due under this chapter. Refunds may not be granted in the place of credits.