Washington State House of Representatives Office of Program Research | BILL ANALYSIS |
State Government & Tribal Affairs Committee |
HB 2704
This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent. |
Brief Description: Transferring the Washington main street program to the department of archaeology and historic preservation.
Sponsors: Representatives Takko, Hinkle, Appleton, Haler, Rolfes, Van De Wege, Quall, Warnick and Morris.
Brief Summary of Bill |
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Hearing Date: 1/22/10
Staff: Tracey O'Brien (786-7196).
Background:
In 2005 the Legislature created the Washington Main Street Program in the Department of Commerce (DOC) to provide technical assistance to communities undertaking a comprehensive downtown or neighborhood commercial district revitalization initiative and management strategy. The DOC operates the program in consultation with the advisory committee. Financial assistance may be provided to communities for certain program costs. The DOC was directed to develop the criteria for selecting the recipients of assistance and will provide the designation of local projects. Priority for technical and financial assistance is given to downtown or neighborhood revitalization programs located in a rural county. The DOC may not provide assistance to cities with populations of 190,000 or more.The program is funded through a business and occupation tax credit (B&O) tax credit. The B&O tax credit is available for 75 percent of the amount donated directly to a local program or 50 percent of the contribution amount to the Main Street Trust Fund. In order to receive a credit, an application must be submitted to the Department of Revenue. Total credits cannot exceed $100,000 per calendar year for an individual program, or $250,000 per calendar year for a business, and may only be claimed against tax due in the calendar year following approval. The total amount of credits per year statewide is capped at $1.5 million per calendar year. Credits may not be approved for cities with populations of 190,000 or more.
Summary of Bill:
The administration of the Washington Main Street Program is moved from the Department of Commerce to the Department of Archeology and Historic Preservation.
Appropriation: None.
Fiscal Note: Available.
Effective Date: The bill takes effect 90 days after adjournment of the session in which the bill is passed.