2723 AMH WOOD H3898.2 Failed 02/04/02

HB 2723 - H AMD

By Representative Woods

    On page 17, beginning on line 25, strike all of section 18 and insert the following:

    "NEW SECTION. Sec. 18.  A new section is added to chapter 47.46 RCW to read as follows:

    CREDIT ON SALES TAX.  (1) The tax imposed and collected under chapters 82.08 and 82.12 RCW, less any credits allowed under chapter 82.14 RCW, on the site preparation for, the construction of, the acquisition of any related machinery and equipment that will become a part of, and the rental of equipment for use in the state route number 16 corridor improvements under this chapter must be transferred to the project or identified as a credit on the project to lower the overall cost of the project and thereby the amount or term of the tolls.

    (2) This transaction is exempt from the requirements in RCW 43.135.035(4).

    (3) Government entities constructing projects eligible for a transfer or credit of taxes under this section shall report the amount of state sales or use tax covered under this section to the department of revenue.

NEW SECTION. Sec. 19.  A new section is added to chapter 43.135 RCW to read as follows:

    PROJECT SALES AND USE TAX CREDIT SHIFT.  Any transfer or credit from the general fund of sales and use tax paid under section 18 of this act does not require a corresponding lowering of the state expenditure limit to reflect this shift for purposes of RCW 43.135.035(4)."

    Renumber the sections following consecutively, correct any internal references accordingly, and correct the title.

EFFECT:  Authorizes a transfer or credit of sales tax paid on the construction of SR 16 corridor improvements under the public private initiatives act back to the project.

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