BILL REQ. #:  H-1029.1 

Read first time 01/30/13.   Referred to Committee on Finance.

     AN ACT Relating to modifying the property tax exemption for nonprofit fairs; and amending RCW 84.36.480.

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

Sec. 1   RCW 84.36.480 and 1984 c 220 s 6 are each amended to read as follows:
     ((The following property shall be exempt from taxation:)) (1) Except as provided otherwise in subsection (2) of this section, the real and personal property of a nonprofit fair association that sponsors or conducts a fair or fairs ((which)) that receive support from ((revenues collected pursuant to RCW 67.16.100 and allocated by the director of the department of agriculture. To be exempt under this section, the property must be used exclusively for fair purposes, except as provided in RCW 84.36.805. However, the loan or rental of property otherwise exempt under this section to a private concessionaire or to any person for use as a concession in conjunction with activities permitted under this section shall not nullify the exemption if the concession charges are subject to agreement and the rental income, if any, is reasonable and is devoted solely to the operation and maintenance of the property.)) the fair fund, as created in RCW 15.76.115 and allocated by the director of the department of agriculture, is exempt from taxation.
     (2) A nonprofit fair association with real and personal property valued at more than fifty million dollars is not eligible for the exemption under this section.