Washington Administrative Code
Title 458 - Revenue, Department of
Chapter 458-28 - Taxation of financial businesses by cities or towns
Section 458-28-030 - Deductions
Current through Register Vol. 24-06, March 15, 2024
In arriving at income taxable to a city or town from activities of a place of business located therein, financial institutions may deduct from gross income:
(1) Dividends received by a parent from a subsidiary corporation.
(2) Interest received on investments or loans primarily secured by first mortgages or trust deeds on nontransient residential properties.
(3) Interest received on obligations of the state of Washington, its political subdivisions, and municipal corporations. A deduction may also be taken for interest received on direct obligations of the federal government, but not for interest attributable to loans or other financial obligations on which the federal government is merely a guarantor or insurer.
(4) Gross proceeds from the sale or rental of real estate.
Order ET 72-1, § 458-28-030, filed 9/29/72.
