Engrossed Senate Bill 5336 — Main Street Trust Fund Tax Credit (Washington, 2023 Regular Session)

Summary

Engrossed Senate Bill 5336 of the State of Washington 68th Legislature, 2023 Regular Session, by Senators Cleveland, Frame, and Mullet, among others, read first time 01/12/23 and referred to the Committee on Business, Financial Services, Gaming & Trade. The act relates to the main street trust fund tax credit and amends RCW 82.73.030 and 82.73.025. Section 1 allows a credit against the tax imposed by chapters 82.04 and 82.16 RCW for approved contributions to a program or the main street trust fund, limited to seventy-five percent of an approved contribution to a program or fifty percent of one to the trust fund. It sets credit limits of $5,000,000 statewide in a calendar year, $160,000 per program and $250,000 per person, and provides that no credit is allowed or may be claimed on or after January 1, 2032.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

                           ENGROSSED SENATE BILL 5336


     State of Washington        68th Legislature        2023 Regular Session

     By Senators Cleveland, L. Wilson, Frame, and Mullet

     Read first time 01/12/23.       Referred   to   Committee   on   Business,
     Financial Services, Gaming & Trade.




 1       AN ACT Relating to the main street trust fund tax credit; and
 2   amending RCW 82.73.030 and 82.73.025.


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


 4       Sec. 1.   RCW 82.73.030 and 2021 c 112 s 2 are each amended to
 5   read as follows:
 6       (1) Subject to the limitations in this chapter, a credit is
 7   allowed against the tax imposed by chapters 82.04 and 82.16 RCW for
 8   approved contributions that are made by a person to a program or the
 9   main street trust fund.
10       (2)(a) Except as provided in (b) of this subsection, the credit
11   allowed under this section is limited to an amount equal to:
12       (i) Seventy-five percent of the approved contribution made by a
13   person to a program; or
14       (ii) Fifty percent of the approved contribution made by a person
15   to the main street trust fund.
16       (b) Beginning with contributions made in calendar year 2021, an
17   additional credit is allowed equal to 25 percent of the approved
18   contribution made by a person to the main street trust fund.
19       (3) The department may not approve credit with respect to a
20   program in a city or town with a population of ((one hundred ninety


                                      p. 1                             ESB 5336
 1   thousand)) 190,000 persons or more at the time of designation under
 2   RCW 43.360.030.
 3       (4) The department must keep a running total of all credits
 4   approved under this chapter for each calendar year. The department
 5   may not approve any credits under this section that would cause the
 6   total amount of approved credits statewide to exceed $5,000,000 in
 7   any calendar year.
 8       (5)(a)(i) The total credits allowed under this chapter for
 9   contributions made to each program may not exceed $160,000 in a
10   calendar year.
11       (ii) Between 8:00 a.m., Pacific standard time, on the second
12   Monday in January and 8:00 a.m., Pacific daylight time, on April 1st
13   of the same calendar year, the department must evenly allocate the
14   amount of statewide credits allowed under subsection (4) of this
15   section based on the total number of programs and the main street
16   trust fund as of January 1st in the same calendar year. The
17   department may not approve contributions for a program or the main
18   street trust fund that would cause the total amount of approved
19   credits for a program or the main street trust fund to exceed the
20   allocated amount.
21       (b) The total credits allowed under this chapter for a person may
22   not exceed ((two hundred fifty thousand dollars)) $250,000 in a
23   calendar year.
24       (6) Except as provided in subsection (8) of this section, the
25   credit may be claimed against any tax due under chapters 82.04 and
26   82.16 RCW only in the calendar year immediately following the
27   calendar year in which the credit was approved by the department and
28   the contribution was made to the program or the main street trust
29   fund. Credits may not be carried over to subsequent years. No refunds
30   may be granted for credits under this chapter.
31       (7) The total amount of the credit claimed in any calendar year
32   by a person may not exceed the lesser amount of:
33       (a) The approved credit; or
34       (b) Seventy-five percent of the amount of the contribution that
35   is made by the person to a program and 75 percent of the amount of
36   the contribution that is made by the person to the main street trust
37   fund, in the prior calendar year.
38       (8) Any credits provided in accordance with this chapter for
39   approved contributions made in calendar year 2020 may be carried over
40   for an additional two years and must be used by December 31, 2023.
                                     p. 2                         ESB 5336
1        (9) No credit is allowed or may be claimed under this section on
2    or after January 1, 2032.


 3       Sec. 2.   RCW 82.73.025 and 2017 3rd sp.s. c 37 s 104 are each
 4   amended to read as follows:
 5       (1) A person that was approved for credit as provided in RCW
 6   82.73.020 must ((make)) send the total approved contribution by
 7   November 15th of the calendar year in which the application is
 8   approved. If November 15th falls upon a Saturday, Sunday, or legal
 9   holiday, the payment of the contribution will be considered timely if
10   ((made)) sent on the next business day.
11       (2)(a) A person that does not make a contribution as required in
12   subsection (1) of this section forfeits all credits for the approved
13   contribution.
14       (b) The department must make credits forfeited as provided in (a)
15   of this subsection available to new applicants.
16       (3) A person that was approved for credit as provided in RCW
17   82.73.020 after November 15th must make the total approved
18   contribution by the end of the calendar year in which the
19   contribution was approved.

                                  --- END ---




                                     p. 3                         ESB 5336


File and source

File

2023-01-17_a30403_bill_5336-e.pdf

Size

67,097 bytes

SHA-256

7e93acf7d84f775b8e3faf34de66b1b1f2a6f1396070e414a352a3f6439c452b

Our copy

2023-01-17_a30403_bill_5336-e.pdf

Original

No public link identified.