Notice of Committee Passage of Engrossed Third Substitute House Bill 1324

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E3SHB 1324, titled AN ACT Relating to creating the Washington rural development and opportunity zone act, has been passed by the Senate Committee on Financial Institutions, Economic Development & Trade. The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection

REVENUE ESTIMATES:

This bill decreases state revenues by an estimated $26.1 million in Fiscal Year 2025 due to the extension of a preferential B&O rate for the timber industry.  State revenue decreases due to the B&O tax credit are indeterminate.

TOTAL REVENUE IMPACT: 

      State Government (cash basis, $000): 

           FY 2020 -      $          0                   

           FY 2021 -      $          0                   

           FY 2022 -      $          0                   

           FY 2023 -      $          0       

           FY 2024 -      $          0                   

           FY 2025 -     ($ 26,100)                   

      Local Government, if applicable (cash basis, $000): None

The cash receipts impact associated with this proposed legislation is indeterminate. No historical data exists to support a reasonable set of assumptions regarding application fees.

The following legislators voted do pass:

Senator Doug Ericksen
Republican
(360) 786-7682
Doug.Ericksen@leg.wa.gov

Senator Steve Hobbs
Democrat
(360) 786-7686
Steve.Hobbs@leg.wa.gov

Senator Mark Mullet
Democrat
(360) 786-7608
Mark.Mullet@leg.wa.gov

Senator John Braun
Republican
(360) 786-7638
John.Braun@leg.wa.gov

Senator Mona Das
Democrat
(360) 786-7692
DAS_MO@leg.wa.gov


The following legislators voted do not pass:

Senator Bob Hasegawa
Democrat
(360) 786-7616
Bob.Hasegawa@leg.wa.gov


Not voting:

Senator Lynda Wilson
Republican
(360) 786-7632
Lynda.Wilson@leg.wa.gov



Legislative Bill Information Website: http://apps.leg.wa.gov/billinfo/

Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp