2nd Narrows bridge

From the 2024 DOR Tax Exemption Study

47.46.060 - 2nd Narrows bridge Description Persons involved in the construction of the second bridge over Puget Sound at the Tacoma Narrows 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. Beginning December 31st of the 24th year following the certified completion of the project, 10% of the deferred tax must be repaid annually. Purpose Lowering the initial overall cost of the project and mitigating the amount of tolls necessary to fund repayment of the bonds financing construction costs. 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 $0.000 Repeal of Repealing this deferral would increase revenues by any taxes not yet deferred at exemption the time of the repeal. This estimate assumes that currently deferred taxes are due beginning the 24th year after the repeal. Repayment of the deferred taxes will start in 2031. Potential ($ 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