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NEW SECTION. Sec. 3. 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 all taxes paid during the calendar year on interest received by financial institutions for:
(a) Loans issued under the federal Community Reinvestment Act under Title 12 U.S.C. 2901 et seq.;
(b) Loans issued to first-time homebuyers;
(c) Loans issued to low and moderate-income households that are classified and reported under federal law as low and moderate-income loans;
(d) Loans issued to small businesses with twenty million dollars of annual revenue or less;
(e) Loans issued to small businesses with fifty or fewer employees;
(f) Agricultural loans issued;
(g) Student loans issued;
(h) Women, minority, or veteran-owned business loans issued; and
(i) Affordable housing project loans issued.
(2) A person claiming the credit under this section is subject to all the requirements of chapter
82.32 RCW. A credit earned during one calendar year may be carried over to be credited against taxes incurred in the subsequent calendar year, but may not be carried over a second year. Credits carried over must be applied to tax liability before new credits. No refunds may be granted for credits under this section.
(3) A person claiming the credit provided in this section must file a complete annual tax performance report with the department under RCW
82.32.534.
NEW SECTION. Sec. 4. The provisions of RCW 82.32.805 and 82.32.808 do not apply to section 2 of this act."