Bill Summary – FastDemocracy

CERTIFICATION OF ENROLLMENT
                      SUBSTITUTE SENATE BILL 6316
                       Chapter 281, Laws of 2024
                               68th Legislature
                             2024 Regular Session
   STATE ROUTE NUMBER 520 CORRIDOR—SALES AND USE TAX DEFERRAL
                    EFFECTIVE DATE: March 26, 2024
Passed by the Senate March 7, 2024                   CERTIFICATE
  Yeas 46 Nays 1
                                       I, Sarah Bannister, Secretary of
                                       the   Senate   of   the   State  of
              DENNY HECK               Washington, do hereby certify that
President of the Senate                the attached is SUBSTITUTE SENATE
                                       BILL 6316 as passed by the Senate
                                       and the House of Representatives on
                                       the dates hereon set forth.
Passed by the House March 6, 2024
  Yeas 96 Nays 0
                                                 SARAH BANNISTER
            LAURIE JINKINS                                           Secretary
Speaker of the House of
Representatives
Approved March 26, 2024 9:54 AM                         FILED
                                                    March 27, 2024
                                               Secretary of State
              JAY INSLEE                       State of Washington
Governor of the State of Washington
                           SUBSTITUTE SENATE BILL 6316
                             AS AMENDED BY THE HOUSE
                   Passed Legislature - 2024 Regular Session
     State of Washington         68th Legislature        2024 Regular Session
     By Senate Transportation (originally sponsored by Senators Pedersen
     and King)
     READ FIRST TIME 02/23/24.
1        AN ACT Relating to the state route number 520 corridor; adding a
2    new section to chapter 47.01 RCW; creating a new section; and
3    declaring an emergency.
4    BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
 5       NEW SECTION.   Sec. 1.   A new section is added to chapter 47.01
 6   RCW to read as follows:
 7       (1)(a) The department may apply for deferral of state and local
 8   sales and use taxes on the site preparation for, the construction of,
 9   the acquisition of any related machinery and equipment that will
10   become a part of, and the rental of equipment for use in, the state
11   route number 520 corridor improvements - west end project.
12       (b) The application must be made to the department of revenue in
13   a form and manner prescribed by the department of revenue. The
14   application must contain information regarding estimated or actual
15   costs, time schedules for completion and operation, and other
16   information required by the department of revenue. The department of
17   revenue shall approve the application within 60 days if it meets the
18   requirements of this section.
19       (2) The department of revenue shall issue a sales and use tax
20   deferral certificate for state and local sales and use taxes imposed
21   or authorized under chapters 82.08, 82.12, and 82.14 RCW and RCW
                                       p. 1                       SSB 6316.SL
 1   81.104.170 on the project. No new deferral certificates may be issued
 2   once the project is operationally complete as described in subsection
 3   (3) of this section.
 4       (3) If the department is granted a tax deferral under this
 5   section, the department must begin paying the deferred taxes in the
 6   24th year after the date certified by the department of revenue as
 7   the date on which the project is operationally complete. The project,
 8   which completes corridor improvements between Interstate 5 and the
 9   west high rise, is operationally complete under this section when the
10   department notifies the department of revenue in writing that all
11   projects   qualifying  for   a   deferral   under  this   section are
12   operationally complete. The first payment is due on December 31st of
13   the 24th calendar year after the certified date, with subsequent
14   annual payments due on December 31st of the following nine years.
15   Each payment shall equal 10 percent of the deferred tax.
16       (4) The department of revenue may authorize an accelerated
17   repayment schedule upon request of the department granted a deferral
18   under this section.
19       (5) Interest shall not be charged on any taxes deferred under
20   this section for the period of deferral, although all other penalties
21   and interest applicable to delinquent excise taxes may be assessed
22   and imposed for delinquent payments under this section. The debt for
23   deferred taxes is not extinguished by insolvency or other failure of
24   any private entity granted a deferral under this section.
25       (6) Applications and any other information received by the
26   department of revenue under this section are not confidential and are
27   subject   to   disclosure.   Chapter   82.32   RCW   applies   to the
28   administration of this section.
29       NEW SECTION.    Sec. 2.    The provisions of   RCW   82.32.805   and
30   82.32.808 do not apply to section 1 of this act.
31       NEW SECTION.   Sec. 3.  This act is necessary for the immediate
32   preservation of the public peace, health, or safety, or support of
33   the state government and its existing public institutions, and takes
34   effect immediately.
         Passed by the Senate March 7, 2024.
         Passed by the House March 6, 2024.
         Approved by the Governor March 26, 2024.
                                     p. 2                       SSB 6316.SL
Filed in Office of Secretary of State March 27, 2024.
                        --- END ---
                           p. 3                         SSB 6316.SL
Statutes affected: 
Original Bill: 47.56.870
Substitute Bill: 47.56.870