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facilities or services for which a special charge is made to members or others. If <br /> dues are in exchange for any significant amount of goods or services rendered <br /> by the recipient thereof to members without any additional charge to the member, <br /> or if the dues are graduated upon the amount of goods or services rendered, the <br /> value of such goods or services shall not be considered as a deduction under <br /> this section. <br /> 3. Day Care Activities. In computing tax, there may be deducted from the <br /> measure of tax amounts derived from day care activities by any organization <br /> organized and operated for charitable, educational, or other purposes which is <br /> exempt from taxation pursuant to Section 501(c)(3) of the Internal Revenue Code <br /> of 1954, as amended; provided, however, that amounts derived from selling, <br /> altering or repairing tangible personal property shall not be deductible. <br /> B. Deductions Involving Government Entities. <br /> 1. Compensation from Public Entities for Health or Social Welfare Services— <br /> Exception. In computing tax, there may be deducted from the measure of tax <br /> amounts received from the United States or any instrumentality thereof or from <br /> the state of Washington or any municipal corporation or political subdivision <br /> thereof as compensation for, or to support, health or social welfare services <br /> rendered by a health or social welfare organization (as defined in RCW <br /> 82.04.431) or by a municipal corporation or political subdivision, except <br /> deductions are not allowed under this section for amounts that are received <br /> under an employee benefit plan. For purposes of this section, "employee benefit <br /> plan" includes the military benefits program authorized in 10 U.S.C. Section 1071 <br /> et seq., as amended, or amounts payable pursuant thereto. <br /> C. Deductions Involving Financial Activities and Interest Income. <br /> 1. Interest on Investments or Loans Secured by Mortgages or Deeds of <br /> Trust. In computing tax, there may be deducted from the measure of tax by those <br /> engaged in banking, loan, security or other financial businesses, amounts <br /> derived from interest received on investments or loans primarily secured by first <br /> mortgages or trust deeds on nontransient residential properties. <br /> 2. Interest on Obligations of the State, Its Political Subdivisions, and <br /> Municipal Corporations. In computing tax, there may be deducted from the <br /> measure of tax by those engaged in banking, loan, security or other financial <br /> businesses, amounts derived from interest paid on all obligations of the state of <br /> Washington, its political subdivisions, and municipal corporations organized <br /> pursuant to the laws thereof. <br /> 3. Interest on Loans to Farmers and Ranchers, Producers or Harvesters of <br /> Aquatic Products, or Their Cooperatives. In computing tax, there may be <br /> deducted from the measure of tax amounts derived as interest on loans to bona <br /> fide farmers and ranchers, producers or harvesters of aquatic products, or their <br /> cooperatives by a lending institution which is owned exclusively by its borrowers <br /> or members and which is engaged solely in the business of making loans and <br /> providing finance-related services to bona fide farmers and ranchers, producers <br /> or harvesters of aquatic products, their cooperatives, rural residents for housing, <br /> or persons engaged in furnishing farm-related or aquatic-related services to <br /> these individuals or entities. <br /> D. Miscellaneous Deductions. <br /> 34 <br />