RCW 82.89.050
Requirements for recipients—Meaningful construction.
(1) The recipient of a deferral certificate under RCW 82.89.040 must begin meaningful construction on an eligible investment project within two years of receiving a deferral certificate unless construction was delayed due to circumstances beyond the recipient's control. Lack of funding is not considered a circumstance beyond the recipient's control.
(2) If the recipient does not begin meaningful construction on an eligible investment project within two years of receiving a deferral certificate, the deferral certificate issued under RCW 82.89.040 is invalid and taxes deferred under this chapter are due immediately.
[ 2022 c 185 § 5.]
NOTES:
Tax preference performance automatic expiration exception—Tax preference performance statement—2022 c 185: See notes following RCW 82.89.070.
Structure Revised Code of Washington
Chapter 82.89 - Tax Deferrals for Investment Projects.
82.89.020 - Conditions for lessors.
82.89.040 - Tax deferral certificates.
82.89.050 - Requirements for recipients—Meaningful construction.
82.89.060 - Repayment schedule—Interest, penalties, and insolvency—Transfer of ownership.
82.89.070 - Reduction of taxes.
82.89.080 - Conditions on recipients—Annual tax performance report—Immediate repayment.
82.89.900 - Applicability of general administrative provisions.