SENATE BILL REPORT

SB 5521

BYSenators McDermott, McDonald and Kiskaddon

Exempting public funds received by nonprofit corporations for conventions, tourism, and economic development from business and occupation taxation.

Senate Committee on Ways & Means

Senate Hearing Date(s):February 17, 1986

Majority Report:  Do pass.

      Signed by Senators McDermott, Chairman; Gaspard, Vice Chairman; Bauer, Bluechel, Deccio, Kreidler, Lee, McDonald, Moore, Rasmussen, Rinehart, Talmadge.

Senate Staff:Stephen Rose (786-7443)

                  March 18, 1987

AS PASSED SENATE, MARCH 17, 1987

BACKGROUND:

A variety of local, nonprofit organizations--economic development corporations, chambers of commerce, civic associations, and downtown business alliances--promote economic development and tourism in their areas.

Currently, these organizations pay business and occupation taxes on all the money that they raise.

SUMMARY:

Monies received by nonprofit organizations for promoting economic development and tourism from the State of Washington or any other public or quasi-public body is deductible from the business and occupation tax base of these organizations.

Fiscal Note:      available

Senate Committee - Testified: Jack McCulloch and Frank Finnerin, Seattle-King County Visitors Association