BILL REQ. #:  S-0692.1 

Read first time 01/21/11.   Referred to Committee on Financial Institutions, Housing & Insurance.

     AN ACT Relating to a business and occupation tax deduction for certified community development financial institutions; adding a new section to chapter 82.04 RCW; and creating a new section.

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 tax there may be deducted from the measure of tax by an eligible entity, interest received on loans issued by the eligible entity as part of a first-time home buyer program.
     (2) The definitions in this subsection apply to this section.
     (a) "Eligible entity" means a nonprofit organization certified as a community development financial institution by the federal community development financial institutions fund.
     (b) "Nonprofit organization" means an organization incorporated under chapter 24.03 RCW.

NEW SECTION.  Sec. 2   This act applies to interest received on or after August 1, 2011.