Publicly owned cargo cranes & docks

From the 2024 DOR Tax Exemption Study

82.29A.020(1)(b)(ii) - Publicly owned cargo cranes & docks Description "Leasehold interest" excludes the use of publicly owned cargo cranes and docks associated with the loading and unloading of cargo located at a port district marine facility. Purpose To minimize costs to private businesses and individuals who use port district lands for the loading and unloading of cargo in ocean commerce. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $6.556 $6.621 $6.734 $6.581 Local Taxes $5.751 $5.808 $5.907 $6.010 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $4.966 $6.734 $6.581 Local Taxes $0.000 $4.356 $5.907 $6.010 Assumptions - This repeal takes effect July 1, 2024, and impacts nine months of collections in fiscal year 2025. - Growth rate mirrors the leasehold excise tax growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - Port of Vancouver and Port of Everett rents are 50% of the averages of those in Seattle and Tacoma. - Port of Olympia rents are 30% of the averages of those in Seattle