5.56.020 - Rate of tax—Credits allowed
The rate of the tax imposed by Section 5.56.010 shall be four percent of the taxable rent (as defined by RCW 82.29A.020); provided, that the following credits shall be allowed in determining the tax payable:
A. With respect to a leasehold interest arising out of any lease or agreement, the terms of which were binding on the lessee prior to July 1, 1970, where such lease or agreement has not been renegotiated (as defined by RCW 82.29A.020) since that date, and excluding from such credit: (1) any leasehold interest arising out of any lease of property covered by the provisions of RCW 28B.20.394 and (2) any lease or agreement including options to renew which extends beyond January 1, 1985, as follows:
With respect to taxes due in calendar year 1976, a credit equal to 80 percent of the tax produced by the above rate,
With respect to taxes due in calendar year 1977, a credit equal to 60 percent of the tax produced by the above rate,
With respect to taxes due in calendar year 1978, a credit equal to 40 percent of the tax produced by the above rate,
With respect to taxes due in calendar year 1979, a credit equal to 20 percent of the tax produced by the above rate;
B. With respect to a product lease (as defined by RCW 82.29A.020), a credit of 33 percent of the tax produced by the above rate.
(Ord. 105450, § 2, 1976.)
