Last month, the experts at Ryan highlighted Washington House Bill 1332 as well as our recommendations in anticipation of it passing. This bill allows for a deferral of the April 30 property tax payments for tax year 2021, with the ability to work out a subsequent payment plan without penalty and interest, for businesses that can show a 25% reduction in annual revenue between year-end 2019 and year-end 2020. Requests for such extensions must be made in April, and its provisions would expire January 1, 2022.
The bill has passed out of both houses and will now be addressed by the full legislature. We expect it to be passed in its current form.
For those taxpayers who qualify and would like to obtain this benefit, we recommend they act immediately because of the tight timeline. The experts at Ryan are available to answer questions and provide contact information to request this extension.
TECHNICAL INFORMATION CONTACTS:
Matt Poling
Principal
Ryan
720.524.0022
matt.poling@ryan.com
Sandy Guilfoil
Director
Ryan
425.440.2333
sandy.guilfoil@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.