Official Text and Analysis.

(1) Authorizes a Regional Transit Authority (RTA) to implement a Market Value Adjustment Program (MVAP) by December 31, 2017. (2) Directs the department of licensing to work with an RTA on administering an MVAP. (3) The MVAP provides a credit equal to the value difference between the currently used valuation schedule and the '2006' schedule in RCW 81.104.160(1). Other nonbonded RTA revenues are used to support the credit amount.

Adds an additional condition that prohibits a Regional Transit Authority (RTA) from contracting with the Department of Licensing (DOL) for the collection of a Motor Vehicle Excise Tax (MVET) if the tax is levied at a rate higher than 0.5 percent. Establishes a motor vehicle excise tax (MVET) impact assessment paid by an RTA of $1 per MVET payment, to be deposited into the motor vehicle fund.

Strikes the entirety of ESB 5893 and replaces it with language that: (1) Requires a regional transit authority (RTA), if it imposes a motor vehicle excise tax of up to 0.8 percent first authorized in July 2015, to implement a market value adjustment program, under which a credit is allowed against tax due in an amount equal to the tax due under current law less the tax otherwise due based on the vehicle valuation schedule adopted in 2006, if the net result is positive; (2) Requires the RTA to implement the program in a manner that allows the delivery of the system and financing plan approved by the RTA's voters in 2016 to the extent practicable and, if the RTA is unable to meet the terms of the plan as originally adopted, the RTA is required to identify savings and cost reductions in a specified priority order; and (3) Requires the Department of Licensing, after the RTA implements the market value adjustment program, to clearly indicate to taxpayers the amount owed under current law, the amount of any credit applied, and the net result.

Strikes the entirety of ESB 5893 and replaces it with language that: (1) Requires a regional transit authority (RTA) to implement a market value adjustment program, under which a credit is allowed against total motor vehicle excise tax due in an amount equal to the tax due under current law, less the tax due assuming a rate of 0.5 percent and based on vehicle valuation through Kelley Blue Book or NADA (whichever is lower), if the net result is positive; (2) Requires the RTA to implement the program in a manner that allows the delivery of the system and financing plan approved by the RTA's voters in 2016, to the extent practicable; (3) Requires the Department of Licensing to only contract with an RTA if it has implemented a market value adjustment program, to receive full cost recovery for the contract, and to clearly indicate to taxpayers the amount owed under current law, the amount of any credit applied, and the net result.