RCW 82.92.007
Purpose.
It is the purpose of this chapter to encourage the redevelopment of underdeveloped land in targeted urban areas, thereby increasing affordable housing, employment opportunities, and helping accomplish the other planning goals of Washington cities. The legislative authorities of cities to which this chapter applies may authorize a sales and use tax deferral for an investment project within the city if the legislative authority of the city finds that there are significant areas of underdeveloped land and a lack of affordable housing in areas proximate to the land. If a conditional recipient maintains the property for qualifying purposes for at least 10 years, deferred sales and use taxes need not be repaid.
[ 2022 c 241 § 2.]
NOTES:
Tax preference performance statement—2022 c 241: See note following RCW 82.92.030.
Structure Revised Code of Washington
Chapter 82.92 - Tax Deferrals for Underdeveloped Urban Land Redevelopment.
82.92.020 - Requirements for governing authorities.
82.92.030 - Requirements for applicants.
82.92.040 - Conditional certification.
82.92.050 - Approval of applications—Appeals.
82.92.070 - Certificate of occupancy—Process after issuance.
82.92.080 - Annual report by conditional recipient—Annual tax performance report—Report by city.
82.92.090 - Application to department.