The Greater Seattle Chamber of Commerce Supports Referendum 49.SEATTLE--(BUSINESS WIRE)--June 19, 1998--With unanimous support, the Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. voted June 9 to support Referendum 49 -- a statewide ballot measure allocating $2.4 billion for highway improvements. This measure, which will be before voters in November, centers around the Motor Vehicle Excise Tax Excise Tax 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS. Notes: 1. (MVET MVET Motor Vehicle Excise Tax ). Chamber Chair Robert C. Wallace says, "This referendum is not the answer to our long-term transportation problems, but it is an important first step and represents the only source of funds available at this time. We feel we must support it, but we will continue to work with other business organizations and the Legislature to find long-term solutions to our growing transportation woes." If approved in November, the referendum would: -- Cut the MVET by $30 per vehicle; -- Reduce the tax rate on new vehicles after one year instead of the current two years; -- Approve the sale of $1.9 billion in bonds; -- Allow the transfer of MVET dollars out of the general fund without affecting the voter-approved I-601 spending limit; -- Shift that portion of local criminal justice funding paid for by the MVET into the general fund and increase the funding by 10 percent; -- Enhance juvenile justice funding in distressed counties and enhance sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. equalization In communications, techniques used to reduce distortion and compensate for signal loss (attenuation) over long distances. in the cities without a large retail sales tax base; -- Re-enact re·en·act also re-en·act tr.v. re·en·act·ed, re·en·act·ing, re·en·acts 1. To enact again: reenact a law. 2. I-601 so it takes a two-thirds vote of the Legislature to amend it or raise taxes for the next two years. The Greater Seattle Chamber of Commerce The Greater Seattle Chamber of Commerce is a private, membership-based organization that promotes economic prosperity in the metro region of Seattle, Washington, and provides businesses with tools to grow. is a nonprofit organization that strives to improve the region's economic vitality and high quality of life by serving as a resource for business, a public affairs advocate and a community partner. The Chamber has been serving its members and the community since 1882. For more information, please contact Tammy Kincaid at 206/389-7241 or tammyk@seattlechamber.com.
CONTACT: The Greater Seattle Chamber of Commerce
Tammy Kincaid, 206/389-7241
http://www.seattlechamber.com
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