BILL REQ. #: S-2825.1
| State of Washington | 62nd Legislature | 2011 Regular Session |
Read first time 04/15/11. Referred to Committee on Ways & Means.
AN ACT Relating to repealing the tax exemption on intangible property to provide funding for essential government services; creating new sections; and repealing RCW 84.36.070.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 The legislature finds that long-term
economic trends indicate that intangible property income is growing
while earned income is falling. The legislature, under previously
enacted law, allowed exemptions for intangible property from the state
levy. However, this exemption has led to a shift of the burden of
state taxes to owners of tangible property which is growing heavier
over time. Thus, in light of the long-term economic trend and the
current downturn in state revenues, the legislature concludes that the
tax exemption for intangible personal property is no longer justified.
At a time when virtually every area of the budget is being reduced by
substantial amounts, those that are receiving tax exemptions, such as
the owners of intangible property, must also bear some of the burden to
balance the budget.
NEW SECTION. Sec. 2 RCW 84.36.070 (Intangible personal
property -- Appraisal) and 1997 c 181 s 1, 1974 ex.s. c 118 s 1, & 1961
c 15 s 84.36.070 are each repealed.
NEW SECTION. Sec. 3 This act applies to taxes levied for
collection in 2012 and thereafter.