Multiple Agency Fiscal Note Summary — 5096 SB, Employee Ownership
Summary
Multiple Agency Fiscal Note Summary for 5096 SB, titled Employee ownership, followed by an Individual State Agency Fiscal Note from the Department of Financial Institutions (agency 102) and a Department of Revenue Fiscal Note. The summary lists estimated cash receipts for the Department of Revenue of (229,000) for 2023-25, (852,000) for 2025-27 and (925,000) for 2027-29. The Department of Financial Institutions note checks the No Fiscal Impact box and states that Section 2(2)(a)(vi) directs work with the Department of Financial Institutions on guidance on lending to broad-based employee ownership vehicles. The Department of Revenue part states that the department will use the standard process to adopt a new rule on employee ownership.
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“Multiple Agency Fiscal Note Summary — 5096 SB, Employee Ownership.”
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Multiple Agency Fiscal Note Summary
Bill Number: 5096 SB Title: Employee ownership
Estimated Cash Receipts
Agency Name 2023-25 2025-27 2027-29
GF-State NGF-Outlook Total GF-State NGF-Outlook Total GF-State NGF-Outlook Total
Department of (229,000) (229,000) (229,000) (852,000) (852,000) (852,000) (925,000) (925,000) (925,000)
Revenue
Total $ (229,000) (229,000) (229,000) (852,000) (852,000) (852,000) (925,000) (925,000) (925,000)
Estimated Operating Expenditures
Agency Name 2023-25 2025-27 2027-29
FTEs GF-State NGF-Outlook Total FTEs GF-State NGF-Outlook Total FTEs GF-State NGF-Outlook Total
Department of .0 0 0 0 .0 0 0 0 .0 0 0 0
Financial
Institutions
Department of 3.7 1,754,384 1,754,384 1,754,384 3.7 1,455,106 1,455,106 1,455,106 3.7 1,162,306 1,162,306 1,162,306
Commerce
Department of 1.3 483,500 483,500 483,500 .2 41,800 41,800 41,800 .2 41,800 41,800 41,800
Revenue
Total $ 5.0 2,237,884 2,237,884 2,237,884 3.9 1,496,906 1,496,906 1,496,906 3.9 1,204,106 1,204,106 1,204,106
Estimated Capital Budget Expenditures
Agency Name 2023-25 2025-27 2027-29
FTEs Bonds Total FTEs Bonds Total FTEs Bonds Total
Department of Financial .0 0 0 .0 0 0 .0 0 0
Institutions
Department of Commerce .0 0 0 .0 0 0 .0 0 0
Department of Revenue .0 0 0 .0 0 0 .0 0 0
Total $ 0.0 0 0 0.0 0 0 0.0 0 0
Estimated Capital Budget Breakout
Prepared by: Gwen Stamey, OFM Phone: Date Published:
(360) 790-1166 Final
FNPID 65456
:
FNS029 Multi Agency rollup
Individual State Agency Fiscal Note
Bill Number: 5096 SB Title: Employee ownership Agency: 102-Department of Financial
Institutions
Part I: Estimates
X No Fiscal Impact
Estimated Cash Receipts to:
NONE
Estimated Operating Expenditures from:
NONE
Estimated Capital Budget Impact:
NONE
The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.
Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).
Capital budget impact, complete Part IV.
Requires new rule making, complete Part V.
Legislative Contact: Kellee Gunn Phone: 786-7429 Date: 12/29/2022
Agency Preparation: Emily Fitzgerald Phone: (360) 902-8780 Date: 01/06/2023
Agency Approval: Levi Clemmens Phone: (360) 902-8818 Date: 01/06/2023
OFM Review: Amy Hatfield Phone: (360) 000-0000 Date: 01/09/2023
Form FN (Rev 1/00) 177,355.00 Request # 23-003-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5096 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
This legislation creates the Washington Employee Ownership program to support the efforts of businesses considering a
sale to an employee ownership structure. Section 2(2)(a)(vi) of this legislation directs the Department Commerce to work
with the Department of Financial Institutions (DFI) to shape and implement guidance on lending to broad-based employee
ownership vehicles.
Ownership interests in an employee cooperative would likely be securities, but securities issued by a mutual or cooperative
association are eligible for an exemption from registration under RCW 21.20.320, provided some criteria are met. For the
purposes of this fiscal note, DFI assumes that employee cooperatives would not be required to register as securities.
The guidance issued by DFI on lending to broad-based employee ownership vehicles would fall under the agency’s existing
regulatory responsibilities and the cost of that work would be absorbed. This bill has no fiscal impact.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
NONE
III. B - Expenditures by Object Or Purpose
NONE
III. C - Operating FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part I
and Part IIIA.
NONE
III. D - Expenditures By Program (optional)
NONE
Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE
IV. B - Expenditures by Object Or Purpose
NONE
Employee ownership 102-Department of Financial Institutions
Form FN (Rev 1/00) 177,355.00 Request # 23-003-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5096 SB
IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Employee ownership 102-Department of Financial Institutions
Form FN (Rev 1/00) 177,355.00 Request # 23-003-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5096 SB
Individual State Agency Fiscal Note
Bill Number: 5096 SB Title: Employee ownership Agency: 103-Department of Commerce
Part I: Estimates
No Fiscal Impact
Estimated Cash Receipts to:
NONE
Estimated Operating Expenditures from:
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 3.7 3.7 3.7 3.7 3.7
Account
General Fund-State 001-1 876,831 877,553 1,754,384 1,455,106 1,162,306
Total $ 876,831 877,553 1,754,384 1,455,106 1,162,306
Estimated Capital Budget Impact:
NONE
The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.
Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
X
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).
Capital budget impact, complete Part IV.
Requires new rule making, complete Part V.
Legislative Contact: Kellee Gunn Phone: 786-7429 Date: 12/29/2022
Agency Preparation: Karen McArthur Phone: 360-725-4027 Date: 01/09/2023
Agency Approval: Jason Davidson Phone: 360-725-5080 Date: 01/09/2023
OFM Review: Gwen Stamey Phone: (360) 790-1166 Date: 01/11/2023
Form FN (Rev 1/00) 177,332.00 Request # 004-700-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5096 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
Section 2 creates the Washington employee ownership program in the Department of Commerce (department) and directs
the department how to implement the program. By December 1st of each year, the department must submit report to the
legislature on program activities. The first report must include rules and guidelines for the administration of the program.
Section 3 creates the Washington employee ownership commission (commission) to exercise the powers to develop and
oversee the program. One representative from the department will chair the first meeting prior to the election of a chair.
The commission in consultation with the director shall development rules and guidelines to administer the program.
Section 6 directs the department as part of the state small business credit initiative program, to administer the small business
collateral support, subject to the availability of funding.
Section 7 creates the employee ownership revolving loan program account at the state treasury to be used only for the
purpose of the program.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.
To complete this work the department estimates the following will be needed.
0.20 FTE WMS Small Business Finance and Community Support Managing Director (420 hours) to provide leadership,
oversight, supervision, rules coordination and decision-making over-all elements of the program.
1.0 FTE Commerce Specialist 4 (2,088 hours) to function as an agency expert for the program. Create and work with a
network of technical support and service providers to work with businesses considering employee ownership structures;
work with state agencies regarding regulations and programs that affect employee-owned business; create partnership with
relevant private, nonprofit, and public organizations to promote employee ownership benefits and successful models; work
with the department of financial institutions and other appropriate entities to shape and implement program guidance; look
for and apply for federal funding to establish a revolving loan program to assist business in the transition to employee
ownership.
1.0 FTE Commerce Specialist 3 (2,088 hours) to provide program data analysis and research to the Commerce Specialist 4
in the creation of the program, procure and manage contracts, review and process payments to vendors.
1.0 FTE Administrative Assistant 2 (2,088 hours) to provide administrative support and procedural guidance for the program,
schedule commission meetings, data collection, and aid in applying for federal funds.
Salaries and Benefits:
FY24: $344,965
FY25-FY29: $356,780 each fiscal year
Employee ownership 103-Department of Commerce
Form FN (Rev 1/00) 177,332.00 Request # 004-700-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5096 SB
Professional Service Contracts:
The department assumes $300,000 ($250 per hour x 1,200 hours) in FY24-FY26 to contract with firms as provided for in
Section 2(3) for the purpose of the program and for translation services.
FY24-FY26: $300,000 each fiscal year
Goods, Services, Equipment and Travel:
FY24: $118,373
FY25-FY27: $103,392 per fiscal year
FY28: $110,592
FY29: $103,392
Intra-Agency Reimbursements:
FY24: $113,493
FY25-FY29: $117,381 each fiscal year
*Note: Standard goods and services costs include supplies and materials, employee development and training, Attorney
General costs, central services charges and agency administration. Agency administration costs (e.g., payroll, HR, IT) are
funded under a federally approved cost allocation plan.
===================================
Total Costs:
FY24: $876,831
FY25-FY26: $877,553 per fiscal year
FY27: $577,553
FY28: $584,753
FY29: $577,553
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
Account Account Title Type FY 2024 FY 2025 2023-25 2025-27 2027-29
001-1 General Fund State 876,831 877,553 1,754,384 1,455,106 1,162,306
Total $ 876,831 877,553 1,754,384 1,455,106 1,162,306
III. B - Expenditures by Object Or Purpose
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 3.7 3.7 3.7 3.7 3.7
A-Salaries and Wages 253,781 261,394 515,175 522,788 522,788
B-Employee Benefits 91,184 95,386 186,570 190,772 190,772
C-Professional Service Contracts 300,000 300,000 600,000 300,000
E-Goods and Other Services 97,373 97,392 194,765 194,784 194,784
G-Travel 6,000 6,000 12,000 12,000 12,000
J-Capital Outlays 15,000 15,000 7,200
M-Inter Agency/Fund Transfers
N-Grants, Benefits & Client Services
P-Debt Service
S-Interagency Reimbursements
T-Intra-Agency Reimbursements 113,493 117,381 230,874 234,762 234,762
9-
Total $ 876,831 877,553 1,754,384 1,455,106 1,162,306
Employee ownership 103-Department of Commerce
Form FN (Rev 1/00) 177,332.00 Request # 004-700-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5096 SB
III. C - Operating FTE Detail: List FTEs by classification and corresponding annual compensation. Totals need to agree with total FTEs in
Part I and Part IIIA
Job Classification Salary FY 2024 FY 2025 2023-25 2025-27 2027-29
Administrative Assistant 2 51,302 1.0 1.0 1.0 1.0 1.0
Commerce Specialist 3 86,159 1.0 1.0 1.0 1.0 1.0
Commerce Specialist 4 90,523 1.0 1.0 1.0 1.0 1.0
Financial Services - Indirect 111,168 0.5 0.5 0.5 0.5 0.5
WMS Band 2 128,983 0.2 0.2 0.2 0.2 0.2
Total FTEs 3.7 3.7 3.7 3.7 3.7
III. D - Expenditures By Program (optional)
NONE
Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE
IV. B - Expenditures by Object Or Purpose
NONE
IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Employee ownership 103-Department of Commerce
Form FN (Rev 1/00) 177,332.00 Request # 004-700-1
FNS063 Individual State Agency Fiscal Note 4 Bill # 5096 SB
Department of Revenue Fiscal Note
Bill Number: 5096 SB Title: Employee ownership Agency: 140-Department of Revenue
Part I: Estimates
No Fiscal Impact
Estimated Cash Receipts to:
Account FY 2024 FY 2025 2023-25 2025-27 2027-29
GF-STATE-State (229,000) (229,000) (852,000) (925,000)
01 - Taxes 05 - Bus and Occup Tax
Total $ (229,000) (229,000) (852,000) (925,000)
Estimated Expenditures from:
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 2.4 0.2 1.3 0.2 0.2
Account
GF-STATE-State 001-1 462,600 20,900 483,500 41,800 41,800
Total $ 462,600 20,900 483,500 41,800 41,800
Estimated Capital Budget Impact:
NONE
The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.
Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
X
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).
Capital budget impact, complete Part IV.
X Requires new rule making, complete Part V.
Legislative Contact: Kellee Gunn Phone:
786-7429 Date: 12/29/2022
Agency Preparation: Sara del Moral Phone:
360-534-1525 Date: 01/09/2023
Agency Approval: Valerie Torres Phone:
360-534-1521 Date: 01/09/2023
OFM Review: Cheri Keller Phone:
(360) 584-2207 Date: 01/09/2023
Request # 5096-1-1
Form FN (Rev 1/00) 177,574.00 1 Bill # 5096 SB
FNS062 Department of Revenue Fiscal Note
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
This fiscal note addresses sections 4 and 5 of the bill, which impact the Department of Revenue (department).
CURRENT LAW:
The business and occupation (B&O) tax is a gross receipts tax. It is measured on the value of products, gross proceeds of
sale, or gross income of each business. The tax rate varies by classification. Rates for the major classifications range from
0.471% to 1.75%. Preferential rates are available for certain activities.
Several credits exist for the B&O tax. However, the law does not allow a credit for the cost of converting a business to an
employee-owned structure.
PROPOSAL:
This bill creates a credit against the B&O tax for each qualifying business that converts to any of the following employee
ownership structures:
- Employee stock ownership plan,
- Worker-owned cooperative, or
- Employee ownership trust.
For each business with an employee stock ownership plan, the credit is equal to the greater of the following:
- 50% of conversion costs, or
- $100,000.
For each business converting to a worker-owned cooperative or employee ownership trust, the credit is equal to the greater
of the following:
- 50% of conversion costs, or
- $25,000.
Each business may carry over unused credit to subsequent tax periods, as long it does so within 12 months of conversion.
Statewide, the total amount of credits authorized is $2 million for each calendar year.
“Conversion costs” means amounts spent on accounting, legal, and other professional services to pay for a feasibility study
and/or a transition to an employee-owned structure.
“Qualified business” means an entity that is:
- Subject to the B&O tax,
- Does not already have one of employee-owned structures for which the credit is available, and
- Approved by the Department of Revenue for the credit.
The credit expires on July 1, 2030.
EFFECTIVE DATE:
The bill takes effect 90 days after final adjournment of the session, except for the sections that create the credit which take
effect on July 1, 2024.
Request # 5096-1-1
Form FN (Rev 1/00) 177,574.00 2 Bill # 5096 SB
FNS062 Department of Revenue Fiscal Note
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate,
the detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived.
Explanation of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
ASSUMPTIONS:
- The Department of Revenue conducts significant outreach about the credit, leading to a greater number of conversions.
- The number of businesses that annually convert to employee ownership is:
- Thirteen during the first year the credit is available, and
- Fifteen for subsequent years.
- All converting businesses use the credit.
- For each converted business that uses the credit, the estimated credit amount is:
- $45,000 for an employee stock ownership plan, and
- $25,000 for a worker-owned cooperative.
- Businesses using the credit in Washington are similar to Colorado businesses granted a credit for conversions during 2022
with regards to annual revenues and type of employee ownership.
- The B&O tax base grows as forecasted by the Economic and Revenue Forecast Council.
- Currently, tribes with compacts receive a share of certain business and occupation taxes (RCW 43.06.523). Under this
proposal the amount of revenue shared with tribes and local governments may decline.
DATA SOURCES:
- Colorado Office of Economic Development and International Trade, personal communication, January 5, 2023
- National Center for Employee Ownership, personal communication, January 4, 2023
- Economic and Revenue Forecast Council, November 2022 forecast
REVENUE ESTIMATES:
This bill decreases state revenues by an estimated $229,000 in the 11 months of impacted collections in fiscal year 2025, and
by $417,000 in fiscal Year 2026, the first full year of impacted collections.
STATE GOVERNMENT IMPACT:
State Government (cash basis, $000):
FY 2024 - $ 0
FY 2025 - ($ 229)
FY 2026 - ($ 417)
FY 2027 - ($ 435)
FY 2028 - ($ 453)
FY 2029 - ($ 472)
LOCAL GOVERNMENT IMPACT:
Local Government, if applicable (cash basis, $000): None
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.
ASSUMPTIONS:
This bill affects less than 20 taxpayers annually.
FIRST YEAR COSTS:
The department will incur total costs of $462,600 in fiscal year 2024. These costs include:
Request # 5096-1-1
Form FN (Rev 1/00) 177,574.00 3 Bill # 5096 SB
FNS062 Department of Revenue Fiscal Note
Labor Costs – Time and effort equate to 2.4 FTEs.
- Adopt one new administrative rule.
- Set up, program and test computer systems for a new credit type. This includes a new credit ID and associated return
processing and system indicator codes, a new E-file worksheet, and modifications to reports and data files.
- Gathering requirements, implementation meetings, documentation, and testing of system changes due to new credit.
- Assist taxpayers with reporting questions and respond to inquiries via email, web message, and paper correspondence.
Object Costs - $132,000.
- Computer system changes, including contract programming.
SECOND YEAR COSTS:
The department will incur total costs of $20,900 in fiscal year 2025. These costs include:
Labor Costs – Time and effort equate to 0.2 FTEs.
- Continued computer system testing, monitoring and maintenance for new credit.
- Process returns, verify credits taken and all associated work items, including issuing assessments for return errors and
underpayments.
ONGOING COSTS:
Ongoing costs for the 2026-27 biennium equal $41,800 and include similar activities described in the second-year costs. Time
and effort equate to 0.2 FTEs.
Part III: Expenditure Detail
III. A - Expenditures by Object Or Purpose
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 2.4 0.2 1.3 0.2 0.2
A-Salaries and Wages 208,000 13,500 221,500 27,000 27,000
B-Employee Benefits 68,600 4,500 73,100 9,000 9,000
C-Professional Service Contracts 132,000 132,000
E-Goods and Other Services 37,100 2,300 39,400 4,600 4,600
J-Capital Outlays 16,900 600 17,500 1,200 1,200
Total $ $462,600 $20,900 $483,500 $41,800 $41,800
III. B - Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part I and Part IIIA.
Job Classification Salary FY 2024 FY 2025 2023-25 2025-27 2027-29
EMS BAND 4 126,619 0.0 0.0
EMS BAND 5 147,919 0.0 0.0
EXCISE TAX EX 3 61,632 0.1 0.1 0.1 0.1 0.1
IT SYS ADM-JOURNEY 92,844 1.6 0.8
MGMT ANALYST4 73,260 0.6 0.1 0.4 0.1 0.1
TAX POLICY SP 2 75,120 0.0 0.0
TAX POLICY SP 3 85,020 0.1 0.0
TAX POLICY SP 4 91,524 0.0 0.0
WMS BAND 3 107,685 0.0 0.0
Total FTEs 2.4 0.2 1.4 0.2 0.2
Request # 5096-1-1
Form FN (Rev 1/00) 177,574.00 4 Bill # 5096 SB
FNS062 Department of Revenue Fiscal Note
III. C - Expenditures By Program (optional)
NONE
Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE
IV. B - Expenditures by Object Or Purpose
NONE
IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Should this legislation become law, the department will use the standard process to adopt WAC 458-20-NEW, titled: "New
rule on employee ownership". Persons affected by this rulemaking would include qualifying businesses that convert to
worker-owned cooperatives, employee ownership trusts, or employee stock ownership plans.
Request # 5096-1-1
Form FN (Rev 1/00) 177,574.00 5 Bill # 5096 SB
FNS062 Department of Revenue Fiscal Note
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