Washington Governor Signs Law Extending Excise Tax Exemption for Credits Against Bonneville Power Administration Funds

The Washington Governor May 10 signed a law extending the business and occupation tax exemption for amounts received as credits against contracts with or funds provided by the Bonneville power administration. The law includes measures: 1) explaining the intent to make the business and occupation tax exemption permanent for credits received or contracts with the Bonneville Power Administration, subject to conditions; 2) excluding from the exemption amounts received as credits to implement energy conservation programs or demand-side management programs, until Jan. 1, 2031; and 3) clarifying that the exemption doesn’t apply to sales of natural gas, including compressed natural gas ...