BillTracker

Reinstating tax preferences for certain high-technology research and development (Sullivan, Wilcox, Slatter)

See companion.

1ST SUBSTITUTE COMPARED TO ORIGINAL:
The substitute:
-includes a new performance metric, requiring the creation of 125 direct jobs and 315 indirect jobs to extend the tax preferences in the future;
-restricts tax preference participants to receipt of either the business and occupation (B&O) tax credit or the sales and use tax deferral;
-requires participants electing to claim a B&O tax credit under the program to provide certain employment information to the Department of Revenue (DOR) prior to claiming the credit, and to update the DOR with any
-changes to the employment information;
-changes the definition of "research and development" to include clinical trials and organization of clinical trial participants; changes the maximum amount of B&O tax credit or sales and use tax deferral amounts to $750,000, from $500,000 and $1 million respectively;
-requires any person claiming a B&O tax credit for research and development for advanced spacecraft manufacturing to disclose the payload of any spacecraft launched by that person, unless the payload is already subject to a payload review by a federal agency and the person is able to provide confirmation of the review to the DOR;
-creates additional payload disclosure requirements for ny person claiming a B&O tax credit for research and development for advanced spacecraft manufacturing if the payload includes a satellite;
-defines "payload" and "satellite;"
-changes the terms "unmanned commercial spacecraft" and "commercial spacecraft" to "spacecraft;" and
-changes the definition of "spacecraft" to exclude certain restrictions of intended use

Hearing Date: Thursday, March 30, 2017 -- 8:00 am

WA State Legislature Link:
http://app.leg.wa.gov/billsummary?BillNumber=1894&Year=2017    (opens a new browser tab)