HB 2123: MVET collection

Summary

• Requires the central Puget Sound regional transit authority (RTA) to implement a market value adjustment program, under which a credit must be allowed against the 0.8 percent motor vehicle excise tax due in an amount that makes the resulting amount owed equivalent to the tax that would be due if the tax base used the vehicle valuation schedule adopted by the Legislature in 2006.
• Requires the RTA to implement the program in a manner that allows the delivery of the 2016 system and financing plan to the extent practicable.
• Requires the Department of Licensing, when issuing vehicle registration renewal notices, to notify taxpayers of the effective amount due and provide information as to how the program works.
• Limits the amounts that could be received by the Washington State Department of Transportation from the RTA through 2041, in executing leases of state land for the purposes of the 2016 system and financing RTA plan, to the share of the fair market lease value associated with the share of the original acquisition costs paid with state Motor Vehicle Fund dollars.

From the House Bill Analysis 2019 (HB 2123), written by the Legislature's nonpartisan staff. Read the full report ↗