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Legislation watch
2021 House Bill 1015: Creating the Washington equitable access to credit act
Introduced by Rep. Jacquelin Maycumber (Ferry) (R) on January 11, 2021
Referred to the House Consumer Protection & Business Committee on January 11, 2021
Substitute offered in the House on January 21, 2021
Establishes the Equitable Access to Credit Program (Program) within the Department of Commerce for the purpose of awarding grants to qualified lending institutions to provide access to credit for historically underserved communities.
• Creates a credit against business and occupation (B&O) taxes owed for contributions made to the Program.
• Authorizes a maximum B&O tax credit of $1 million per taxpayer per year and a total B&O tax credit for the Program of $8 million per year.
Referred to the House Finance Committee on January 25, 2021
Substitute offered in the House on February 18, 2021
Limits the business and occupation (B&O) tax credit to three years and does not allow for B&O tax credits to be applied to tax years prior to the creation of the Equitable Access to Credit program. It also specifies the amount of an annual B&O tax credit is $1 million or 100 percent of the annual contribution to the Equitable Access to Credit program, whichever is less.
Referred to the House Appropriations Committee on February 19, 2021
Amendment offered by Rep. Jacquelin Maycumber (Ferry) (R) on March 9, 2021
Caps the use of funds for staffing and administration at 5 percent, except if the statewide cap is not met. Clarifies
that staffing and administrative costs funded include all agencies implementing this act.
The amendment passed by voice vote in the House on March 9, 2021
Amendment offered by Rep. Gerry Pollet (Seattle) (D) on March 9, 2021
Removes the requirement that the qualified lending institution exclude identifying details about the loans and investments made under the Equitable Access to Credit Program when submitting its annual report to the Department of Commerce.
The amendment passed by voice vote in the House on March 9, 2021
Received in the Senate on March 12, 2021
Referred to the Senate Business, Financial Services & Trade Committee on March 12, 2021
Referred to the Senate Ways & Means Committee on March 25, 2021
Referred to the Senate Rules Committee on April 2, 2021
Received in the House on January 10, 2022
Received in the Senate on January 25, 2022
Referred to the Senate Business, Financial Services & Trade Committee on January 25, 2022
Referred to the Senate Ways & Means Committee on February 24, 2022
Referred to the Senate Rules Committee on February 28, 2022
Amendment offered in the Senate on March 4, 2022
(1) Changes implementation dates to assume implementation in 2022 rather than 2021.
(2) Reduces the duration of the tax credit from 10 years to five years.
(3) Limits the interest rates at which loans or investments can be made in the program to 200 basis points over the Wall Street Journal Prime Rate.
(4) Requires qualified lending institutions to ensure that funds received through repaid loans that utilized funds from the program continue to be subject to the requirements of the program.
(5) Reduces the match requirements for qualified lending institutions.
(6) Removes the chapter expiration date.
(7) Specifies that B&O tax credits may not be claimed prior to January 1, 2023.
The amendment passed by voice vote in the Senate on March 4, 2022
Received in the House on March 8, 2022
House concurred in Senate amendments.
Passed final passage.
Signed by Gov. Jay Inslee on March 30, 2022