SHB 1287 -
By Representative Holy
On page 7, after line 13, insert the following:
"(4) Regarding a lease of property owned exclusively by a federally recognized Indian tribe that is exempt from property tax under RCW 84.36.010, the lessee must provide the department with a bond at the time the lessee enters into a lease agreement with the lessor-tribe, in order to secure payment of the tax as provided in this chapter. The total amount of the bond required of any lessee must be no less than the estimated annual amount of tax to be paid."
EFFECT: Requires a lessee with a leasehold interest in tribally owned tax-exempt property to issue a bond with the department of revenue to secure payment of the leasehold excise tax. The bond amount must be no less than the estimated annual amount of taxes due.