OLYMPIA, Wash.- A bill to reintroduce the business-and-occupation tax deduction to help cooperative-finance organizations.
The deduction was reintroduced in 2020 but Governor Jay Inslee vetoed the legislation because of budget concerns caused by the pandemic.
Inslee signed the measure on Thursday to bring the legislation full circle.
“Energy in particular is one of the areas where rural families can least afford to see a rate hike, given the already high cost of living,” said sponsor Matt Boehnke (R-Kennewick). “This measure will allow our rural electric cooperatives to get the funds they need to bring clean energy and broadband to rural communities where it is needed most, and at an affordable price.”
The move creates a deduction for loan repayments that come from rural electric cooperatives, utility nonprofits or providers. The bill takes effect on July 1 and will expire in 2034.