Resolution 7445 - Laserfiche WebLink

EVERETT WASHINGTON RESOLUTION NO. 7445 A RESOLUTION of the City of Everett of intent to adopt legislation to authorize the maximum capacity of the tax authorized in Chapter 82.14 RCW WHEREAS, A. The Washington State Legislature passed Substitute House Bill (SHB) 1406 and the Governor signed,thus enacting into public law, Chapter 338 Laws of 2019. B. A new Section is added to Chapter 82.14 Revised Code of Washington (RCW), local Retail Sales and Use Taxes to encourage investments in affordable and supportive housing. C. SHB 1406 authorizes the governing body of a city or county to impose a local sales and use tax for the acquisition, construction or rehabilitation of affordable housing or facilities providing supportive housing, and for the operations and maintenance costs of affordable or supportive housing. D. The imposed sale tax is a credit against the state sales tax collected or paid to the Washington State Department of Revenue from within in the jurisdiction and will not result in higher sales and use taxes within the County and will represent an additional source of funding to address housing needs in Snohomish County. E. The City of Everett recognizes the need for affordable housing. F. In order for a city or county to impose the tax,within six months of the effective date of SHB 1406, or January 27, 2020,the governing body must adopt a resolution of intent to authorize the maximum capacity of the tax, and within twelve months of the effective date of SHB 1406, or July 27, 2020, must adopt legislation to authorize the maximum capacity of the tax. G. This resolution constitutes the resolution of intent required by SHB 1406.