Sound Transit Response To Eyman’s Proposed Initiative 947
Sound Transit response to Eyman’s proposed Initiative 947
How would Initiative 947 impact Sound Transit financially?
Evaluation of Initiative 947 is underway and is not complete. The Initiative would impact the collection of MVET by Sound Transit to fund the buildout of the regional high capacity transit system.
If the Initiative were to repeal Sound Transit’s authority to collect the voter approved ST3 MVET (0.8 percent) it would reduce agency tax collections by approximately $6.9 billion through 2041.
The initiative contains language about switching the collection method for Sound Transit’s original voter-approved Sound Move MVET of 0.3 percent. If this change occurred it would require the agency’s tax collections to use …