Museum for historic autos

From the 2024 DOR Tax Exemption Study

82.32.580 - Museum for historic autos Description Provides a sales and use taxes deferral for the site preparation and construction of a historic automobile museum owned and operated by a nonprofit organization, corporation, or association. The museum must maintain and exhibit at least 500 vehicles to the public. Deferred taxes on the facility will be repaid beginning the tenth year after the project is operationally complete, with subsequent annual payments for the following nine years. Purpose Encourage construction of a historic automobile museum in Pierce County. 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 $0.000 Repeal of Repealing this deferral would increase revenues for purchases not yet made. exemption Potential ($ 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 - Repealing this deferral does not affect taxes already deferred. - This project is complete. Deferred sales and use taxes began being repaid in 2022. Data Sources - Department of Revenue, Deferral data