Improving revenue and budget sustainability by repealing, modifying, or revising tax preferences. (REVISED FOR ENGROSSED: Improving revenue and budget sustainability by repealing, modifying, or revising tax preference and license fees. )
Summary
Excludes financial businesses located in more than 10 states from taking the business and occupation (B&O) tax deduction for amounts received from interest earnings on loans secured by first mortgages on residential properties.
Extends the B&O tax exemptions for manufacturing and sales activities related to fruits or vegetables, dairy, and seafood products to July 1, 2015.
Exempts craft distilleries from the liquor license issuance fee of 17 percent of spirits sales.
Exempts from the leasehold excise the preferential use of certain port district property.
Applies a uniform B&O tax rate to the advertising revenue of printed newspapers, the Internet version of printed newspapers, and newspaper supplements.
From the Engrossed House Bill Report (ESB 6635), written by the Legislature's nonpartisan staff. Read the full report ↗
EnactedEnacted · Chapter 6, Laws of 2012, 2nd Special Session