Highway 520 bridge replacement

From the 2024 DOR Tax Exemption Study

47.01.412 - Highway 520 bridge replacement Description Persons involved in the SR 520 bridge replacement project may apply for a deferral of state and local sales and use taxes on project costs for: - Site preparation. - Construction. - Purchased or rented machinery and equipment. The deferred tax repayment begins the 24th year after the project is complete and continues for nine years. Purpose Encouraged replacement of the SR 520 bridge. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this deferral would increase revenues by any taxes not yet deferred at exemption the time of the repeal. This estimate assumes that currently deferred taxes are due beginning the 24th year after the repeal and continuing for the next nine years. Repayment of the deferred taxes starts in 2041. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions The SR 520 bridge project was completed in 2017. The first payment is due December 31, 2041. Data Sources Departmen