BILL REQ. #:  S-0217.1 

Read first time 01/29/09.   Referred to Committee on Economic Development, Trade & Innovation.

     AN ACT Relating to providing a business and occupation tax credit for participants in the Washington manufacturing innovation and modernization extension service program; adding a new section to chapter 82.04 RCW; and providing an expiration date.

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 for participants in the Washington manufacturing innovation and modernization extension service program created in RCW 43.338.020. The credit allowed under this section is equal to fifty percent of the value of a program participant's contributions to the manufacturing innovation and modernization account created in RCW 43.338.030. If a participant in the program does not meet the qualifications in RCW 43.338.020(2)(b)(iv), the participant must remit to the department the value of any credits taken plus interest. The credit earned by a participant in one calendar year may be carried over to be credited against taxes incurred in subsequent calendar years. The annual statewide credit available is limited to one million two hundred twenty-five thousand dollars.
     (2) This section expires July 1, 2019.