Wash. Rev. Code § 82.04.4497

Current through 2024

Section 82.04.4497 - Credit-Sale or exchange of long-term capital assets. (Contingent expiration date.)

(1) To avoid taxing the same sale or exchange under both the business and occupation tax and capital gains tax, a credit is allowed against taxes due under this chapter on a sale or exchange that is also subject to the tax imposed under RCW 82.87.040. The credit is equal to the amount of tax imposed under this chapter on such sale or exchange.

(2) The credit may be used against any tax due under this chapter.

(3) The credit under this section is earned in regards to a sale or exchange, and may be claimed against taxes due under this chapter, for the tax reporting period in which the sale or exchange occurred. The credit claimed for a tax reporting period may not exceed the tax otherwise due under this chapter for that tax reporting period. Unused credit may not be carried forward or backward to another tax reporting period. No refunds may be granted for unused credit under this section.

(4) The department must apply the credit first to taxes deposited into the general fund. If any remaining credit reduces the amount of taxes deposited into the workforce education investment account established in RCW 43.79.195, the department must notify the state treasurer of such amounts monthly, and the state treasurer must transfer those amounts from the general fund to the workforce education investment account.

RCW 82.04.4497

Added by 2021 c 196,§ 16, eff. 7/25/2021.

Contingency- 2021 c 196 s s 5 and 16: See note following RCW 82.87.040.

Automatic expiration date and tax preference performance statement exemption- 2021 c 196 : See note following RCW 82.87.010.