November 21, 2014

Sound Transit seeks OK to raise money

Sound Transit will ask the state Legislature for additional taxing authority, with a goal of getting a Sound Transit 3 transportation package on the ballot as soon as November 2016.

Sound Transit's Board of Directors Thursday voted to work with the legislature on funding options for Sound Transit 3. The agency can't raise new revenue for the package without an OK from the Legislature.

Here are the funding sources being considered:

• Property tax up to 25 cents for each $1,000 of assessed valuation. Sound Transit currently doesn't collect any property taxes, but the board suggested it as a more progressive source than sales tax.

• Boosting the sales tax up to an additional .5 percent. Sound Transit now collects a .9 percent sales tax.

• Motor vehicle excise tax reauthorization of up to .8 percent of vehicle value. Sound Transit now collects a .3 percent MVET.

If Sound Transit gets all the taxing authority it seeks that could raise $15 billion in new revenues over a 15-year period.

Sound Transit has not decided on the size of a package to put on the ballot. In December, Sound Transit will update its long range plan, which identifies projects eligible for future ballot measures.

In January, the board will start shaping the Sound Transit 3 ballot measure.

Sound Transit 3 could also include funding from other sources like bonds, grants and existing taxes.