2015 Revised Code of Washington
Title 82 - EXCISE TAXES
82.04 Business and occupation tax.
82.04.43394 Deductions—Cooperative finance organizations.
RCW 82.04.43394 Deductions—Cooperative finance organizations. (Expires July 1, 2017.)
(1) In computing tax there may be deducted from the measure of tax, amounts received by a cooperative finance organization where the amounts are derived from loans to rural electric cooperatives or other nonprofit or governmental providers of utility services organized under the laws of this state.
(2) For the purposes of this section, the following definitions apply:
(a) "Cooperative finance organization" means a nonprofit organization with the primary purpose of providing, securing, or otherwise arranging financing for rural electric cooperatives.
(b) "Rural electric cooperative" means a nonprofit, customer-owned organization that provides utility services to rural areas.
(3) This section expires July 1, 2017.
[2013 2nd sp.s. c 13 § 602.]
NOTES:
Application—2013 2nd sp.s. c 13 § 602: "Section 602 of this act applies to amounts received on or after October 1, 2013." [2013 2nd sp.s. c 13 § 603.]
Intent—2013 2nd sp.s. c 13: "(1) The intent of part VI of this act is to provide tax relief for customers of rural electric cooperatives by providing a business and occupation tax deduction for interest income on loans made by certain finance organizations to rural electric cooperatives. It is the further intent of the legislature to provide this tax deduction in a fiscally responsible manner where the actual revenue impact of the legislation substantially conforms with the fiscal estimate provided in the legislation's fiscal note.
(2) To measure the effectiveness of this tax preference in meeting its policy objectives, the joint legislative audit and review committee shall specifically evaluate customer rates charged by rural electric cooperatives that are repaying debt to the national rural utilities cooperative finance organization, or any similar financing organization, and the impact the business and occupation deduction provided under part VI of this act has had on those rates." [2013 2nd sp.s. c 13 § 601.]
Effective date—2013 2nd sp.s. c 13: See note following RCW 82.04.43393.
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