Official Text and Analysis.

Makes a technical correction by amending RCW 84.33.140, in lieu of RCW 84.33.145, to grant land removed from the designated forestland due to natural disaster an exemption from compensating tax. (2) Provides intent language, specifying that section 3 of this act, related to current use valuation, clarifies existing law and therefore is not subject to the 10-year expiration date requirement for new and expanded tax preferences. (3) Provides a tax preference performance statement and 10-year expiration date for section 4 of this act, the compensating tax exemption for land removed from the designated forestland program due to natural disaster. (4) Directs the Joint Legislative Audit and Review Committee to review the revenue impact attributable to the compensating tax exemption provided in section 4 of this act.