Notice of Public Hearing of Engrossed Third Substitute House Bill 1324 Amendment

Office of the Governor / Office of Financial Management sent this bulletin at 04/08/2019 10:10 AM PDT

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E3SHB 1324 AMS FIET S3183.2, titled AN ACT Relating to creating the Washington rural development and opportunity zone act, has been scheduled for a public hearing by the Senate Committee on Ways & Means.

Date and Time: 04/09/2019 10:00AM (Subject to change by the Legislature.)
Location: J.A. Cherberg Building, Senate Hearing Rm 4, Olympia, WA

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:

Note: This fiscal note reflects Senate amendment AMS FIET S3183.2 to E3SHB 1324, 2019 Legislative Session.

This version removes all sections associated with a tax credit for investment in the rural development and distressed opportunity zone fund.

This bill extends the preferential tax rates to 2036 for persons engaging in the business of extracting timber, extracting timber for hire, manufacturing timber, manufacturing timber for hire, wholesaling timber, or selling standing timber.

Under current law, the surcharge imposed on the preferential tax rates above is 0.052 percent and is suspended when receipts total at least $8 million during the fiscal biennium. This surcharge expires July 1, 2024.

This bill extends the surcharge expiration to July 1, 2036.

If funding for this bill is not provided by June 30, 2019, it will be null and void.

The bill takes effect 90 days after final adjournment of the session in which it is enacted.

ASSUMPTIONS

- The preferential timber tax rates will be extended, resulting in a revenue impact starting in Fiscal Year 2025. Under current law the timber tax rate in Fiscal Year 2025 would have been 0.484 percent.

- The timber tax surtax of 0.052 percent will be extended, resulting in an additional revenue impact starting in Fiscal Year 2025. Under current law the timber tax surtax will expire June 30, 2024.

DATA SOURCES:

- Department of Revenue excise tax data base

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.

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

This engrossed bill is proposed by the House of Representatives.

The third substitute bill was proposed by:

House Committee on Appropriations
(360) 786-7155

The original bill sponsors and contact information are:

Representative Mike Chapman, Prime Sponsor
Democrat
(360) 786-7916
Mike.Chapman@leg.wa.gov

Representative Jacquelin Maycumber
Republican
(360) 786-7908
MAYCUMBE_JA@leg.wa.gov

Representative Larry Springer
Democrat
(360) 786-7822
Larry.Springer@leg.wa.gov

Representative Bruce Chandler
Republican
(360) 786-7960
Bruce.Chandler@leg.wa.gov

Representative Brian Blake
Democrat
(360) 786-7870
Brian.Blake@leg.wa.gov

Representative Drew Stokesbary
Republican
(360) 786-7846
Drew.Stokesbary@leg.wa.gov

Representative Mike Steele
Republican
(360) 786-7832
mike.steele@leg.wa.gov

Representative Kristine Reeves
Democrat
(360) 786-7830
Kristine.Reeves@leg.wa.gov

Representative Eric Pettigrew
Democrat
(360) 786-7838
Eric.Pettigrew@leg.wa.gov

Representative Laurie Dolan
Democrat
(360) 786-7940
Laurie.Dolan@leg.wa.gov

Representative Mike Volz
Republican
(360) 786-7922
Mike.Volz@leg.wa.gov

Representative Andrew Barkis
Republican
(360) 786-7824
Andrew.Barkis@leg.wa.gov

Representative Carolyn Eslick
Republican
(360) 786-7816
ESLICK_CA@leg.wa.gov

Representative Debra Lekanoff
Democrat
(360) 786-7800
LEKANOFF_DE@leg.wa.gov

Representative Steve Tharinger
Democrat
(360) 786-7904
Steve.Tharinger@leg.wa.gov

Representative Larry Hoff
Republican
(360) 786-7812
HOFF_LA@leg.wa.gov

Representative Laurie Jinkins
Democrat
(360) 786-7930
Laurie.Jinkins@leg.wa.gov

Representative Christine Kilduff
Democrat
(360) 786-7958
Christine.Kilduff@leg.wa.gov

Representative Mari Leavitt
Democrat
(360) 786-7890
LEAVITT_MA@leg.wa.gov

Senate Committee on Ways & Means members and contact information:

Senator Barbara Bailey
Republican
(360) 786-7618
Barbara.Bailey@leg.wa.gov

Senator Randi Becker
Republican
(360) 786-7602
Randi.Becker@leg.wa.gov

Senator Andy Billig
Democrat
(360) 786-7604
Andy.Billig@leg.wa.gov

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

Senator Sharon Brown
Republican
(360) 786-7614
Sharon.Brown@leg.wa.gov

Senator Reuven Carlyle
Democrat
(360) 786-7670
Reuven.Carlyle@leg.wa.gov

Senator Steve Conway
Democrat
(360) 786-7656
Steve.Conway@leg.wa.gov

Senator Jeannie Darneille
Democrat
(360) 786-7652
DARNEILL_JE@leg.wa.gov

Senator David Frockt
Democrat
(360) 786-7690
David.Frockt@leg.wa.gov

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

Senator Jim Honeyford
Republican
(360) 786-7684
Jim.Honeyford@leg.wa.gov

Senator Sam Hunt
Democrat
(360) 786-7642
Sam.Hunt@leg.wa.gov

Senator Karen Keiser
Democrat
(360) 786-7664
Karen.Keiser@leg.wa.gov

Senator Marko Liias
Democrat
(360) 786-7640
Marko.Liias@leg.wa.gov

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

Senator Guy Palumbo
Democrat
(360) 786-7600
Guy.Palumbo@leg.wa.gov

Senator Jamie Pedersen
Democrat
(360) 786-7628
Jamie.Pedersen@leg.wa.gov

Senator Ann Rivers
Republican
(360) 786-7634
Ann.Rivers@leg.wa.gov

Senator Christine Rolfes
Democrat
(360) 786-7644
Christine.Rolfes@leg.wa.gov

Senator Mark Schoesler
Republican
(360) 786-7620
Mark.Schoesler@leg.wa.gov

Senator Kevin Van De Wege
Democrat
(360) 786-7646
Kevin.VanDeWege@leg.wa.gov

Senator Keith Wagoner
Republican
(360) 786-7676
Keith.Wagoner@leg.wa.gov

Senator Judy Warnick
Republican
(360) 786-7624
Judith.Warnick@leg.wa.gov

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

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