HB 2552-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

     Creates the public disclosure account in the state treasury. Except for unanticipated receipts under chapter 43.79 RCW, moneys in the account may be spent only after appropriation.  Expenditures from the account may be used only for support of the public disclosure activities under chapter 42.17 RCW.

     Provides that a tax is imposed on each contribution reported by a candidate or political committee under RCW 42.17.080, equal to four percent of the monetary value of the contribution.  The candidate or political committee shall pay the tax to the department.

     Declares that a contribution other than money or its equivalent is exempt from tax under this act if received from an individual who is contributing his or her own property.

     Provides that the secretary of state shall submit this act to the people for their adoption and ratification, or rejection, at the next general election to be held in this state, in accordance with Article II, section 1 of the state Constitution and the laws adopted to facilitate its operation.