Multipurpose sports and entertainment facility deferral

From the 2024 DOR Tax Exemption Study

82.32.558 - Multipurpose sports and entertainment facility deferral Description A qualifying business may apply for a deferral of taxes on the following: - Redevelopment of a multipurpose sports and entertainment facility for professional ice hockey and basketball league franchises. - Development of an ice hockey practice facility. The facilities must be owned by the largest city in a county with a population of at least 1.5 million. The recipient must repay, with interest, all deferred state sales and use taxes by June 30, 2023. For local sales and use taxes, the recipient must begin repaying taxes in the first calendar year after the facility becomes operationally complete. Purpose Increase the fiscal stability of multipurpose sports and entertainment arenas in Washington, thereby strengthen the economic vitality of the communities in which the arenas and practice facilities are located. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes CTI CTI CTI CTI Local Taxes CTI CTI CTI CTI Repeal of Repealing this deferral would increase revenues by any taxes not yet deferred at exemption the time of the repeal. Potential ($ in millions): revenue gains FY 2024 F