Washington State Bill to Incentivize Rural Development, OZ Investment Advances to Full House

Monday, March 4, 2019 - 11:45am

A Washington state bill to incentivize rural development and opportunity zones (OZ) investment advanced to the full House for consideration after it was approved Feb. 28 by the House Appropriations Committee, the third House committee to approve the bill unanimously. The Washington Rural Development and Opportunity Zone Act (H.B. 1324) would create a program to develop rural and OZ areas and create a vested tax incentive for taxpayers who make a capital contribution to a Rural Development and Opportunity Zone Fund. If the bill is enacted, the Department of Commerce would begin accepting applications for approval as a Rural Development and Opportunity Zone Fund beginning Jan. 1, 2020. The program caps are $100 million in total statewide investment authority and up to $60 million in credit-eligible capital contributions. The individual applicant caps are $35 million in total statewide investment authority and $21 million in credit-eligible capital contributions. The House Appropriations Committee released a bill report Feb. 28.