FINAL BILL REPORT

                  HB 2482

                         C 125 L 94

                     Synopsis as Enacted

Brief Description:  Extending the qualifying date for tax deferral of certain investment projects.

By Representatives Holm, Foreman, Brough, B. Thomas, Forner, Long, Springer, Kessler, Cooke and Wood; by request of Department of Revenue.

House Committee on Revenue

Senate Committee on Ways & Means

Background:  In 1993, the Legislature extended the application deadline for tax deferrals for manufacturing or research and development projects from July 1, 1994, to July 1, 1998.  However, the Governor vetoed a section of the bill because it also expanded eligibility for deferral to additional projects.  As a result of the veto, the date by which projects must start is December 31, 1994, although the application deadline is July 1, 1998.

Summary:  The project initiation deadline for manufacturing or research and development projects eligible for a tax deferral is changed from December 31, 1994, to December 31, 1998. 

Votes on Final Passage:

House  95 0

Senate 45 0

Effective:  June 9, 1994