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Saturday, October 24, 2020  Spokane, Washington  Est. May 19, 1883
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Bill Would End Tax On Business Intangibles

Compiled From Wire Services

The Legislature on Tuesday sent the governor a bill to bar property taxes on business intangibles such as franchise agreements and trademarks - a move foes said would shift a big chunk of property taxes to homeowners.

The Republican measure, which faces an uncertain fate with Democratic Gov. Gary Locke, was lobbied hard by Boeing and other big businesses who say county assessors in recent years have shown an appetite for going after intangibles with excessive property taxation.

Foes said the measure would result in massive tax cuts for big business with homeowners having to pick up the slack.

They noted the bill would allow businesses to win large property tax cuts on grounds their current tax bills include taxes on intangibles.

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