Form revised: December 6, 2011

 

 

 

FISCAL NOTE FOR NON-CAPITAL PROJECTS

 

Department:

Contact Person/Phone:

CBO Analyst/Phone:

Department of Finance and Administrative Services

Jamie Carnell/615-0493

Jennifer Devore/615-1328

 

Legislation Title:

AN ORDINANCE relating to the business license tax and other taxes; amending the tax code to allow a deduction for grants, contracts and sub-awards received as compensation for or to support life sciences research and development; adding a new subsection to Seattle Municipal Code Section 5.45.100 in connection therewith.

 

 

 

Summary of the Legislation:

Provides a business and occupation tax deduction to the life science business community for grants, contract or subawards funded directly or indirectly by the United States, State of Washington, local or municipal government. The legislation applies to a nonprofit entity or its subrecipient.

 

Background:  

This legislation is the result of outreach conducted by the City Council and the Department of Finance and Administrative services to the life science community via the Greater Seattle Chamber and the Downtown Seattle Association to better understand a business and occupation tax issue which arose from the taxation of federally funded grant nonprofit and subrecipient business activities.

 

Please check one of the following:

 

__X_   This legislation does not have any financial implications.

 

NOTE: This legislation allows a tax deduction to the life science community for grants received, but the City’s research indicates the revenue change will be immaterial to the City. 

 

____    This legislation has financial implications.

 

 

Other Implications: 

 

a)      Does the legislation have indirect financial implications, or long-term implications?

No

 

 

b)     What is the financial cost of not implementing the legislation?  

There is no financial cost for not implementing this legislation.

 

c)      Does this legislation affect any departments besides the originating department? 

No

           

d)     What are the possible alternatives to the legislation that could achieve the same or similar objectives?
There are no alternatives to this legislation.

 

e)      Is a public hearing required for this legislation? 

N/A

 

f)       Is publication of notice with The Daily Journal of Commerce and/or The Seattle Times required for this legislation?

            N/A

 

g)      Does this legislation affect a piece of property?

N/A

 

h)     Other Issues:

 

List attachments to the fiscal note below: