(1) To avoid taxing the same sale or exchange under both the business and occupation
tax and capital gains tax, a credit is allowed against taxes due under this chapter
on a sale or exchange that is also subject to the tax imposed under RCW 82.87.040. The credit is equal to the amount of tax imposed under this chapter on such sale
(2) The credit may be used against any tax due under this chapter.
(3) The credit under this section is earned in regards to a sale or exchange, and
may be claimed against taxes due under this chapter, for the tax reporting period
in which the sale or exchange occurred. The credit claimed for a tax reporting period may not exceed the tax otherwise due
under this chapter for that tax reporting period. Unused credit may not be carried forward or backward to another tax reporting period. No refunds may be granted for unused credit under this section.
(4) The department must apply the credit first to taxes deposited into the general
fund. If any remaining credit reduces the amount of taxes deposited into the workforce
education investment account established in RCW 43.79.195, the department must notify the state treasurer of such amounts monthly, and the
state treasurer must transfer those amounts from the general fund to the workforce
education investment account.
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