FINAL BILL REPORT

HB 1090

                                  C 433 L 87

BYRepresentatives Jacobsen, Miller, Hine and P. King 

Exempting from taxation certain nonprofit organizations involved with student loans.

House Committe on Ways & Means/Revenue

Senate Committee on Ways & Means

SYNOPSIS AS ENACTED

BACKGROUND:

Nonprofit organizations are subject to business and occupation tax and property taxes unless they have a particular statutory exemption.  Some organizations which receive full or partial exemptions are:  accredited educational institutions, social service organizations, and governmental entities.  Organizations which guarantee student loans or issue debt to finance student loans are subject to property and business and occupation taxes.

SUMMARY:

Organizations which guarantee student loans or issue debt to finance loans are specifically exempted from property and business and occupation taxes.

VOTES ON FINAL PASSAGE:

      House 97   0

      Senate    46     0

EFFECTIVE:July 26, 1987