10 Year Analysis Complete for House Bill 1703

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UPDATE: The 10 year analysis for HB 1703, titled AN ACT Relating to establishing an equine industry tax credit, allowing the horse racing commission to impose a fee, and using equine industry sales tax revenues for federal regulatory compliance, has been completed. 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:

Washington Horse Racing Commission:

While Section 1 of the bill authorizes the Horse Racing Commission to impose a fee for the sake of collecting the funds needed to pay fees charged by the Federal Horseracing Integrity and Safety Authority, the need to do so would only arise if the transfers stipulated under Section 3 of the bill are insufficient to pay the Federal fees.  At present and for the foreseeable future, the Commission does not anticipate needing to impose this fee on the horse racing industry.  If and until circumstances change, the agency will see no new receipts as result of this legislation.

Section 3 prescribes an annual transfer of existing sales tax revenue to the newly created WA Equine Industry Federal Regulatory Account.  As the sales tax to be transferred is a portion of existing sales tax already receipted and accounted for by the Department of Revenue and is subject to appropriation, it is not considered new receipts/revenue for the sake of this analysis.

Ten-year projection prepared in consultation with the following agencies:

Washington Horse Racing Commission


Bill sponsors and contact information:

Representative Chris Stearns, Prime Sponsor
Democrat
(360) 786-7858
Chris.Stearns@leg.wa.gov

Representative Joe Schmick
Republican
(360) 786-7844
joe.schmick@leg.wa.gov

Representative Roger Goodman
Democrat
(360) 786-7878
roger.goodman@leg.wa.gov




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

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