Wash. Rev. Code § 82.85.060

Current through 2024

Section 82.85.060 - Repayment-Deferred taxes

(1) The recipient must begin paying the deferred taxes in the fifth year after the date certified by the department as the date on which the investment project has been operationally completed. The first payment of ten percent of the deferred taxes will be due on December 31st of the fifth calendar year after such certified date, with subsequent annual payments of ten percent of the deferred taxes due on December 31st for each of the following nine years.

(2) The department may authorize an accelerated repayment schedule upon request of the recipient.

(3) Interest may not be charged on any taxes deferred under this chapter for the period of deferral, although all other penalties and interest applicable to delinquent excise taxes may be assessed and imposed for delinquent payments under this chapter. The debt for deferred taxes will not be extinguished by insolvency or other failure of the recipient. Transfer of ownership does not terminate the deferral. The deferral is transferred, subject to the successor meeting the eligibility requirements of this chapter, for the remaining periods of the deferral.

RCW 82.85.060

Added by 2015SP3 c 6,§ 406, eff. 9/1/2015.

Application-2015 3rd sp.s. c 6 ss 406-409: "The expiration provisions of RCW 82.32.805(1)(a) do not apply to sections 406 through 409 of this act." [ 2015 3rd sp.s. c 6 s 411.]

Effective dates-2015 3rd sp.s. c 6: See note following RCW 82.04.4266.