The bill amends existing laws regarding the commute trip reduction tax credit in Washington State, extending the eligibility period for tax credits for employers and property managers who provide financial incentives for ride sharing, public transportation, car sharing, or nonmotorized commuting. The deadline for these credits has been pushed from January 1, 2025, to January 1, 2035. Additionally, the maximum allowable tax credit per employee or person has been maintained at $60 per fiscal year, but the previous calculation method of multiplying the amount paid by 50 percent has been removed. The bill also establishes a new cap on the total tax credits that can be claimed by any individual, reducing it from $100,000 to $50,000 per fiscal year.

Furthermore, the bill sets a limit on the total amount of credits allowed in any fiscal year to $2,750,000, with provisions for ratably reducing credits if the total applications exceed this limit. It also clarifies that no credits can be claimed after June 30, 2035, and introduces a new section stating that RCW 82.32.808 does not apply to this act. The act is deemed necessary for the immediate preservation of public peace, health, or safety, and is set to take effect on July 1, 2025.

Statutes affected:
Original Bill: 82.70.020, 82.70.040, 82.70.900
Substitute Bill: 82.70.020, 82.70.040, 82.70.900