State route number 167 and Interstate 405 corridor deferral

From the 2024 DOR Tax Exemption Study

47.56.878 - State route 167 and Interstate 405 corridor deferral Description A person involved in the construction of a state route (SR) 167 and Interstate 405 corridor project, as defined in the statute, may apply for deferral of state and local sales and use taxes owed by that person with respect to the site preparation for, the construction of, the acquisition of any related machinery and equipment that will become a part of, and the rental of equipment for use in, the projects. The department shall issue a sales and use taxes deferral certificate to qualifying applicants for state and local sales and use taxes. The deferred taxes will be repaid beginning in the tenth year after the date the Department of Transportation notifies the department that all projects are operationally complete. Purpose To provide relief for construction projects aimed at improving the connection of Interstate 405 and SR 167 to address current and future traffic demand. 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. exemption Potential ($ in millions): revenue gains FY 2