BILL REQ. #: S-4732.1
| State of Washington | 61st Legislature | 2010 Regular Session |
READ FIRST TIME 02/09/10.
AN ACT Relating to fiscal note instructions; and creating a new section.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 The legislature finds that some economic
development initiatives, including tax incentives and infrastructure
finance, have the potential for a positive fiscal impact on the state
that is not always reflected in the fiscal notes prepared by state
agencies. It is the intent of this legislation to adopt a pilot
project to review the feasibility and reliability of fiscal notes that
reflect the potential for increased revenue from economic development
initiatives.
The office of financial management and the department of revenue,
in consultation with the senate and house of representatives, shall
perform economic modeling on three examples of economic development
legislation enacted during the 2010 legislative session. The office of
financial management and the department of revenue shall monitor the
implementation of the legislation and compare the economic impacts to
economic modeling. No later than five years after the effective date
of the legislation, the department of revenue and the office of
financial management shall compare the economic modeling with the
actual results of the legislation and shall provide a report to the
legislature comparing the two.