Washington Code 82.60.025 – Deferral eligibility requirements
Current as of: 2023 | Check for updates
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The lessor or owner of a qualified building is not eligible for a deferral unless:
Terms Used In Washington Code 82.60.025
- Contract: A legal written agreement that becomes binding when signed.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(1) The underlying ownership of the buildings, machinery, and equipment vests exclusively in the same person; or
(2)(a) The lessor by written contract agrees to pass the economic benefit of the deferral to the lessee;
(b) The lessee that receives the economic benefit of the deferral agrees in writing with the department to complete the annual tax performance report required under RCW 82.60.070; and
(c) The economic benefit of the deferral passed to the lessee is no less than the amount of tax deferred by the lessor and is evidenced by written documentation of any type of payment, credit, or other financial arrangement between the lessor or owner of the qualified building and the lessee.
NOTES:
Effective date—2010 1st sp.s. c 16: See note following RCW 82.60.010.