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Bill - SB 5445, Business and Occupation Tax Deduction for Interest on Public Funds (67th Legislature, 2021)

Summary

Senate Bill 5445 of the State of Washington, 67th Legislature, 2021 Regular Session, by Senators Holy and Liias. The bill is an act relating to creating a business and occupation tax deduction for interest earned on public funds, adding a new section to chapter 82.04 RCW. It provides that, in computing tax, amounts received by a public depositary as interest or other investment earnings derived from public funds may be deducted from the measure of tax. It states that the deduction does not apply to credit unions and that the provisions of RCW 82.32.805 and 82.32.808 do not apply to the act. Section 3 states that the act takes effect October 1, 2021.

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“Bill - SB 5445, Business and Occupation Tax Deduction for Interest on Public Funds (67th Legislature, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-02-11-a28532-bill-5445-e524dd8d00/, SHA-256 44399578c7b8075d336022180231b02ab3a3e8b42959ba2d52346562d46d3bb3.

Full text

     S-0861.2

                                  SENATE BILL 5445


     State of Washington          67th Legislature         2021 Regular Session

     By Senators Holy and Liias




 1       AN ACT Relating to creating a business and occupation tax
 2   deduction for interest earned on public funds; adding a new section
 3   to chapter 82.04 RCW; creating a new section; and providing an
 4   effective date.


 5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:


 6       NEW SECTION.   Sec. 1.   A new section is added to chapter 82.04
 7   RCW to read as follows:
 8       (1) In computing tax, there may be deducted from the measure of
 9   tax amounts received by a public depositary as interest or other
10   investment earnings derived from public funds.
11       (2) For the purpose of this section, "public depositary" and
12   "public funds" have the same meaning as provided in RCW 39.58.010.
13       (3) The deduction under this section does not apply to credit
14   unions.


15       NEW SECTION.    Sec. 2.    The provisions    of    RCW   82.32.805   and
16   82.32.808 do not apply to this act.


17      NEW SECTION.   Sec. 3.    This act takes effect October 1, 2021.

                                    --- END ---

                                        p. 1                            SB 5445

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