Bill > HB1577

This bill extends the sales and use tax deferral for historic automobile museums in Washington state. It allows nonprofit organizations, corporations, or associations that operate a historic automobile museum with at least 500 motor vehicles to apply for a deferral of state and local sales and use taxes on eligible project costs, such as the construction of new structures and the acquisition of fixtures. The deferred taxes must be repaid over a 10-year period starting in the 10th year after the project is complete, and the Department of Revenue can authorize an accelerated repayment schedule if requested. This tax preference is intended to increase the fiscal stability of historic automobile museums and strengthen the economic vitality of the communities in which they are located.