The Washington State Department of Revenue has recently taken action on the following Rules and Interpretive Statements:
April 06, 2023
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Link for Interpretive Statement Proposals: Draft Excise Tax Advisories
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Title
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ETA 3076
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Deductibility of Interest Received on Investments or Loans Primarily Secured by First Mortgages or Trust Deeds on Nontransient Residential Properties
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Link for Rule Proposals: Rules Agenda
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Title
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WAC 458-20-101
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Tax registration and tax reporting
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WAC 458-20-104
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Small business tax relief based on income of business
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EXCISE TAX ADVISORIES (ETA) DRAFT
ETA 3076 Deductibility of Interest Received on Investments or Loans Primarily Secured by First Mortgages or Trust Deeds on Nontransient Residential Properties - This Excise Tax Advisory (ETA) provides guidance on the business and occupation (B&O) tax deduction for interest received on loans or investments secured by a first mortgage or deed of trust. The ETA has been updated to include information on the limitation in RCW 82.04.29005, and additional updates and examples.
Planned stakeholder meetings None at this time.
Public comment period The Department requests comments and stakeholder feedback related to this ETA no later than April 21, 2023. After a review of the feedback, if any, the Department will consider the appropriate next steps in the issuance process.
General questions and/or how to make a public comment If you wish to make a public comment about this ETA, or for general questions regarding this draft ETA, you can email your comments and questions to Jason Andre at JasonA@dor.wa.gov. Any written comments received will be retained as part of the official Tax Advisory file.
RULE ADOPTIONS (CR-103P)
WAC 458-20-101 Tax registration and tax reporting
WAC 458-20-104 Small business tax relief based on income of business
Why these Rules are being Adopted
The department is amending:
WAC 458-20-101 and WAC 458-20-104 to recognize 2022 legislation to include updates to RCW 82.32.045, to increase the tax registration/reporting threshold, and RCW 82.04.4451, to increase small business tax credits.
Effective Date of Adoption
These rules will become effective May 5, 2023.
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