SENATE BILL REPORT

HB 1090

BYRepresentatives Jacobsen, Miller, Hine and P. King 

Exempting from taxation certain nonprofit organizations involved with student loans.

House Committe on Ways & Means/Revenue

Senate Committee on Ways & Means

Senate Hearing Date(s):March 30, 1987

Majority Report:  Do pass.

      Signed by Senators McDermott, Chairman; Bauer, Bluechel, Cantu, Craswell, Deccio, Hayner, Kreidler, McDonald, Owen, Rasmussen, Rinehart, Saling, Talmadge, Vognild, Wojahn, Zimmerman.

Senate Staff:William Bafus (786-7437)

                  March 31, 1987

AS REPORTED BY COMMITTEE ON WAYS & MEANS, MARCH 30, 1987

BACKGROUND:

The gross income of nonprofit guarantee agencies that operate under the federal guaranteed student loan program or that issue debt to provide or acquire student loans is subject to business and occupation tax.  The property of such nonprofit agencies is not exempt from property tax.

SUMMARY:

The gross income of nonprofit guarantee agencies operating under the federal guaranteed student loan program or which issue debt to provide or acquire student loans are exempt from the business and occupation tax.  Property owned by such entities is exempt from the property tax.

Fiscal Note:      available

Senate Committee - Testified: No one