This section adds a new section to an existing chapter 82.04. Here is the modified chapter for context.
In computing tax, there may be deducted from the measure of tax amounts received by a public depositary as interest or other investment earnings derived from public funds.
For the purpose of this section, "public depositary" and "public funds" have the same meaning as provided in RCW 39.58.010.
The deduction under this section does not apply to credit unions.
The provisions of RCW 82.32.805 and 82.32.808 do not apply to this act.