Approve SJR 8225 to give state interest break

This constitutional amendment will allow Washington state to take part in the federal Build American Bonds program.

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Voters should approve Senate Joint Resolution 8225 so the state of Washington can take part in a federal program that picks up some of the interest payment on state bonds.

Other states can now use the Build America Bonds, under which the federal government pays 35 percent of the interest on taxable state bonds, but Washington can't because its constitution has dollar limits on how much interest can be paid on debt. This, of course, assumes the debt will be paid by state taxpayers.

SJR 8225 changes language in the state constitution to take into account this federal program and allows the state to calculate only the debt that will fall to its taxpayers. This constitutional amendment won't increase public debt nor raises taxes.

SJR 8225 simply allows Washington state citizens to get the same benefit with their federal tax dollars as those in other states. We urge voters to approve SJR 8225.

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