3.19.060 Additional statutory requirements.
A. In accordance with RCW 82.14.475(7):
1. The LIFT Tax authorized by this chapter shall first be imposed on July 1, 2014, which is the first day of a state fiscal year.
2. The cumulative amount of LIFT Tax distributions received by the city in any state fiscal year shall not exceed the amount of the State Contribution to the city.
3. The LIFT Tax shall cease to be distributed to the city for the remainder of any state fiscal year in which:
a. The amount of tax received by the city equals the amount of the State Contribution; or
b. The amount of revenue distributions to all Sponsoring and Cosponsoring Local Governments from taxes imposed under RCW 82.14.475 equals the Annual State Contribution Limit; or
c. The amount of LIFT Tax distributions received by the city equals $1,000,000.
4. With respect to calculation of the State Contribution under RCW 39.102.020(29)(b) and (c), neither Local Excise Tax Allocation Revenues nor the Local Property Tax Allocation Revenues may constitute more than 80 percent of the total local funds. This requirement applies beginning January 1st of the fifth calendar year after the calendar year in which the sponsoring local government begins allocating local excise tax allocation revenues under RCW 39.102.110.
B. The LIFT tax shall be distributed again, should it cease to be distributed for any of the reasons provided in subsection (A)(3) of this section, at the beginning of the next state fiscal year, subject to the restrictions in RCW 82.14.475.
C. Any revenue generated by the LIFT Tax in excess of the amounts specified in subsection (A)(3) of this section shall belong to the state of Washington.
D. In accordance with RCW 82.14.475(11), if the city fails to comply with RCW 39.102.140, no tax will be distributed in the subsequent fiscal year until such time as the city complies with the reporting requirement and DOR calculates the State Contribution amount for such fiscal year. (Ord. 2132 § 6, 2013).