BILL REQ. #:  H-0281.1 



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HOUSE BILL 1490
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State of Washington62nd Legislature2011 Regular Session

By Representatives Kenney, Orcutt, and Santos

Read first time 01/24/11.   Referred to Committee on Community Development & Housing.



     AN ACT Relating to a business and occupation tax deduction for certified community development financial institutions; adding a new section to chapter 82.04 RCW; and creating a new section.

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 by an eligible entity, interest received on loans issued by the eligible entity as part of a first-time home buyer program.
     (2) The definitions in this subsection apply to this section.
     (a) "Eligible entity" means a nonprofit organization certified as a community development financial institution by the federal community development financial institutions fund.
     (b) "Nonprofit organization" means an organization incorporated under chapter 24.03 RCW.

NEW SECTION.  Sec. 2   This act applies to interest received on or after August 1, 2011.

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