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SB 6137 Reinstating Semiconductor Tax Incentives — Tax Preference, Tax Type and Current Law

Summary

A tax preference table on SB 6137, Reinstating semiconductor tax incentives, with columns for Tax Preference, Tax Type, Current Law, SB 6137 and Beneficiary Savings. It lists six preferences reinstated, contingent on new investments over $1 billion, including a preferential B&O tax rate of 0.275 percent for manufacturing semiconductor materials, a B&O tax exemption for manufacturers of semiconductor microchips, and a B&O tax credit of $3,000 for each manufacturing production job. It also lists two preferences extended from a current expiration date of December 1, 2028. The material states that it was prepared by non-partisan legislative staff for the purpose of illustration only and is not part of the legislation.

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“SB 6137 Reinstating Semiconductor Tax Incentives — Tax Preference, Tax Type and Current Law.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-01-25-a31728-d266525-tianyi-lan-6137-semiconductor-tax-incentives-c08882fbb1/, SHA-256 fb2786a7df786048163d48ffe3c301d4d558fcddb9bb030a664a70710ccc69c2.

Full text

SB 6137 Reinstating semiconductor tax incentives.
 Tax Preference                                                                         Tax Type Current Law        SB 6137         Beneficiary Savings

 Six preferences reinstated (Contingent on new investments over $1 billion)
  A preferential B&O tax rate of 0.275 percent for manufacturing semiconductor          B&O Tax    RCW 82.04.240(2) Section 2
  materials.
  A B&O tax exemption for manufacturers of semiconductor microchips.                    B&O Tax    RCW 82.04.426    Section 3

  A B&O tax credit of $3,000 for each manufacturing production job located in a building B&O Tax   RCW 82.04.448    Section 4
  exempted from sales tax.                                                                                                           The contigency has not
  A sales and use tax exemption for the construction of new buildings used for          Sales and RCW 82.08.965,    Section 5 & 7       been met and no
  manufacturing semiconductor materials.                                                Use Tax   82.12.965                         taxpayers have claimed
                                                                                                                                     these tax preferences.
  A sales and use tax exemption for the sale of gases and chemicals used by a           Sales and RCW 82.08.970,    Section 6 & 8
  manufacturer in the manufacturing of semiconductor materials.                         Use Tax   82.12.970

  A property tax exemption for machinery and equipment used for manufacturing           Property   RCW 84.36.645    Section 9
  semiconductor materials when located in a building exempted from sales tax.           Tax

 Two preferences extended (Current expiration date: December 1, 2028)
  A preferential B&O rate of 0.275 percent for manufacturing semiconductor materials. B&O Tax      RCW 82.04.2404 Section 10
                                                                                                                                        Confidential tax
  A sales and use tax exemption for purchases of gases and chemicals used in specific   Sales and RCW 82.08.9651, Section 11 &      information, less than 3
  phases of the process (expanded definition including materials used in solar energy   Use Tax   82.12.9651      12                  taxpayers impacted.
  system).

 The material was prepared by non-partisan legislative staff for the purpose of illustration only. This document is not part of the legislation,
 nor does it constitute a statement of legislative intent.
The Semiconductor materials manufacturing process and
applicable tax preferences




 The material was prepared by non-partisan legislative staff for the purpose of illustration only. This document is not part of the legislation,
 nor does it constitute a statement of legislative intent.

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