The purpose of this act is to assist in the financing of school district facilities by clarifying how school districts may fully participate in the federal new markets tax credit, federal rehabilitation tax credit program, and similar federal tax credit programs.
This section adds a new section to an existing chapter 28A.320. Here is the modified chapter for context.
School districts may create partnerships and limited liability companies, and enter into leases, loans, and other agreements with public or private entities, including partnership agreements and limited liability company agreements, to finance school facilities within their boundaries utilizing: (1) The federal new markets tax credit program under 26 U.S.C. Sec. 45D or its successor statute; (2) the federal rehabilitation tax credit program under 26 U.S.C. Sec. 47 or its successor statute; and (3) any other similar federal tax credit program.
This section adds a new section to an existing chapter 28A.335. Here is the modified chapter for context.
Nothing in RCW 28A.335.040 through 28A.335.070 precludes school district boards of directors from leasing or otherwise transferring or encumbering real property in order to participate in: (1) The federal new markets tax credit program under 26 U.S.C. Sec. 45D or its successor statute; (2) the federal rehabilitation tax credit program under 26 U.S.C. Sec. 47 or its successor statute; or (3) any other similar federal tax credit program.
This section adds a new section to an existing chapter 39.36. Here is the modified chapter for context.
This chapter does not apply to any lease, sublease, lease-purchase, or similar agreement affecting any real or personal property owned by a district and directly related to a school district's participation in: (1) The federal new markets tax credit program under 26 U.S.C. Sec. 45D or its successor statute; (2) the federal rehabilitation tax credit program under 26 U.S.C. Sec. 47 or its successor statute; or (3) similar federal tax credit programs.
Any computation of indebtedness under this chapter shall exclude the amount of any such lease, lease-purchase, or similar agreement described under subsection (1) of this section.
The authority granted by this act is additional and supplemental to any other authority of any school district. This act may not be construed to imply that any of the power or authority granted in this act was not available to any school district under prior law. Any previous actions consistent with this act are ratified and confirmed.
If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected.