BILL REQ. #:  H-0943.1 

Read first time 01/21/11.   Referred to Committee on Ways & Means.

     AN ACT Relating to encouraging businesses to locate in vacant buildings through a business and occupation tax credit for property taxes paid; adding a new section to chapter 82.04 RCW; providing an expiration date; and declaring an emergency.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 82.04 RCW to read as follows:
     (1) In computing the tax imposed under this chapter, a credit is allowed for property taxes and leasehold excise taxes paid during the calendar year.
     (2) The credit is equal to:
     (a) Property taxes paid on buildings, and land upon which the buildings are located, that are existing structures and vacant for twelve months or longer.
     (b) Leasehold excise taxes paid with respect to buildings, the land upon which the buildings are located, or both, that are existing structures and vacant for twelve months or longer.
     (3) A credit earned during one calendar year may be carried over to be credited against taxes incurred in a subsequent calendar year, but may not be carried over a second year. No refunds may be granted for credits under this section.
     (4) This section expires June 30, 2013.

NEW SECTION.  Sec. 2   This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately.