2167-S AMH YOUN H3167.1
SHB 2167 - H AMD 874
By Representative Young
NOT ADOPTED 04/26/2019
On page 4, after line 21, insert the following:
"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 agricultural 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."
Correct the title.
EFFECT: Provides a B&O credit for financial institutions on the interest received on agricultural loans.
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