BILL REQ. #:  S-4083.1 

Read first time 01/18/08.   Referred to Committee on Ways & Means.

     AN ACT Relating to repealing the statute authorizing use of banked levy capacity; creating a new section; and repealing RCW 84.55.092.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION.  Sec. 1   The legislature finds that Washington state voters have repeatedly expressed their will to limit taxing districts' property tax collections absent voter approval. In 2000, voters approved Initiative Measure No. 722 which provided for the elimination of taxing districts' banked capacity. The legislature recognizes the supreme court invalidated the initiative, and finds it is in the interest of the people of the state of Washington, and in conformance with the expressed will of the voters, that the elimination of banked capacity be reenacted and reaffirmed.

NEW SECTION.  Sec. 2   RCW 84.55.092 (Protection of future levy capacity) and 1998 c 16 s 3, 1988 c 274 s 4, & 1986 c 107 s 3 are each repealed.