Revised Code of Washington - RCW Title 82 Excise Taxes - Section 82.82.040 Repayment of deferred taxes
§ 82.82.040. Repayment of deferred taxes
(1) Except as provided in subsection (2) of this section, taxes deferred under this chapter need not be repaid.
(2)(a) If, on the basis of the survey under RCW 82.82.020 or other information, the department finds that an investment project is no longer an "eligible investment project" under RCW 82.82.010 at any time during the calendar year in which the investment project is certified by the department as having been operationally completed, or at any time during any of the seven succeeding calendar years, a portion of deferred taxes are immediately due according to the following schedule:
| Year in which use occurs | % of deferred taxes due |
| 1 | 100% |
| 2 | 87.5% |
| 3 | 75% |
| 4 | 62.5% |
| 5 | 50% |
| 6 | 37.5% |
| 7 | 25% |
| 8 | 12.5% |
(b) If a recipient of the deferral fails to complete the annual survey required under RCW 82.82.020 by the date due, twelve and one-half percent of the deferred tax is immediately due. If the economic benefits of the deferral are passed to a lessee as provided in RCW 82.82.010(5), the lessee is responsible for payment to the extent the lessee has received the economic benefit.
(c) If an investment project is meeting the requirement of RCW 82.82.010(5) at any time during the calendar year in which the investment project is certified as having been operationally complete and the recipient of the deferral fails to complete the annual survey due under RCW 82.82.020, the portion of deferred taxes immediately due is the amount on the schedule in (a) of this subsection. If the economic benefits of the deferral are passed to a lessee as provided in RCW 82.82.010(5), the lessee is responsible for payment to the extent the lessee has received the economic benefit.
(3) The department must assess interest at the rate provided for delinquent taxes, but not penalties, retroactively to the date of deferral. 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.
[2008 c 15 § 5.]
Notes:
Effective date -- 2008 c 15: See note following RCW 82.82.010.
Sections: 82.82.010 82.82.020 82.82.030 82.82.040 82.82.050
Last modified: April 7, 2009