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Agenda Subject:
Resolution No. 5460 (Hinman)
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Date:
October 2, 2019
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Department:
Administration
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Attachments:
Resolution 5460
OFM Fiscal Impact Statement
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Budget Impact:
Current Budget: $0
Proposed Revision: $0
Revised Budget: $0
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| Administrative Recommendation: |
| Staff recommendation: Approve Resolution No. 5460 |
| Background Summary: |
| According to the Washington State Department of Financial Management, if passed, Initiative 976 changes vehicle taxes and fees by lowering motor vehicle and light duty truck weight fees to $30; eliminating the 0.3 percent sales tax on vehicle purchases; lowering electric vehicle and snowmobile fees; modifying and reducing Sound Transit motor vehicle excise tax provisions; and removing authority for transportation benefit districts to impose a vehicle fee. Total revenue loss to the state in the next six years is $1,921,901,238. Total revenue loss to local governments in the next 6 years is $2,317,121,034. The departments of Licensing and Revenue have estimated implementation costs of $2,846,800 in the 2019—21 biennium. |
| Reviewed by Council Committees: |
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| Councilmember: |
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Staff: |
Hinman |
| Meeting Date: |
October 7, 2019 |
Item Number: |
RES.D |
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