§ 82.89.060 — Repayment schedule—Interest, penalties, and insolvency—Transfer of ownership.

Washington § 82.89.060

• Jurisdiction: Washington
• Title 82: EXCISE TAXES
• Ch. 82.89: TAX DEFERRALS FOR INVESTMENT PROJECTS

Text

(1) The recipient must begin paying the deferred taxes in the second year after the date certified by the department as the date on which the eligible investment project has been operationally completed. The first payment of 10 percent of the deferred taxes is due on December 31st of the second calendar year after the certified date, with subsequent annual payments of 10 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.

(4) The department must assess interest at the rate provided for delinquent taxes, but not penalties, retroactively to the date of deferral for a recipient who must repay deferred taxes under this chapter because the department has found that a purchase is not eligible for tax deferral.

(5) The debt for deferred taxes are not extinguished by insolvency or other failure of the recipient.

(6) 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.

Tax preference performance automatic expiration exception — Tax preference performance statement — 2022 c 185: See notes following RCW 82.89.070 .

Legislative History

[2022 c 185 s 6.]