SB 5531-S2.E - DIGEST

(AS OF SENATE 2ND READING 4/15/03)

Revises the expiration date for the high-technology research and development sales and use tax deferral program.

Requires the joint legislative audit and review committee to provide a report to the legislature the year before and every five years after the renewal of the tax deferral in RCW 82.63.030. The report shall be based upon information provided by the employment security department and the department of revenue. Proprietary information shall remain confidential as otherwise provided by law. The report shall include, but is not limited to: (1) Total value of tax revenue forgone or deferred as a result of the tax deferral;

(2) Total value of qualifying investments made under the tax deferral;

(3) Direct employment created or retained that is associated with the tax deferral and average wages, reported in aggregate by North American industry classification;

(4) Total indirect employment created or retained associated with the tax deferral;

(5) Additional sales, property, and business and occupation tax revenues associated with the tax deferral.

Provides that, in conducting this evaluation, the joint legislative audit and review committee shall use a generally accepted economic model and may contract with outside economic experts.