S-0327.3
SENATE BILL 5702
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State of Washington | 64th Legislature | 2015 Regular Session |
By Senators Hobbs, Pearson, McCoy, Bailey, McAuliffe, Liias, Chase, and Padden
Read first time 01/29/15. Referred to Committee on Ways & Means.
AN ACT Relating to the taxation of wax and ceramic materials used to make molds; creating new sections; repealing 2010 c 225 s 4 (uncodified); providing an effective date; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. (1) This section is the tax preference performance statement for the tax preference contained in section 2 of this act. It is not intended to create a private right of action by any party or be used to determine eligibility for preferential tax treatment.
(2) The legislature categorizes the tax preference created in this act as one intended to reduce structural inefficiencies in the tax structure as indicated in RCW
82.32.808(2)(d).
(3) It is the legislature's specific public policy objective to provide permanent tax relief that corrects the structural inefficiencies under RCW
82.08.983 with regard to wax and ceramic materials used to create molds during the process of creating ferrous and nonferrous investment castings used in industrial applications.
NEW SECTION. Sec. 2. 2010 c 225 s 4 (uncodified) is repealed.
NEW SECTION. Sec. 3. As this act is intended to create a permanent tax exemption, the tax preference in this act is not subject to the expiration date requirements in RCW 82.32.805 and is not subject to the requirements in RCW 82.32.808(4). NEW SECTION. Sec. 4. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect June 30, 2015.
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