Gov. Chris Gregoire has signed a bill that reinstates a tax break for the motion picture industry, a move that again illustrates the easier route that tax breaks face than efforts to end them. The tax credit, now capped at $3.5 million a year, expired in July 2011 but is reinstated on July 1.
Meanwhile, Democrats’ proposal to close a tax break for banks that sell home mortgages is still in the mix as lawmakers work toward a budget deal at the Capitol. House Majority Leader Pat Sullivan, D-Covington, lists it as one example of a revenue bill that negotiators could agree on.
Interestingly – and it certainly makes sense from a running-for-office standpoint – Attorney General Rob McKenna, the GOP’s top candidate for governor, just came out in favor of the bank-exemption repeal, according to this piece in the Times.