S-0416.1
SENATE BILL 5482
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State of Washington | 65th Legislature | 2017 Regular Session |
By Senators Mullet, Walsh, Darneille, Saldaña, Zeiger, and Keiser
Read first time 01/25/17. Referred to Committee on Ways & Means.
AN ACT Relating to the preservation and creation of affordable housing; amending RCW
82.45.060; creating a new section; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature finds that the state is in the midst of an affordable housing crisis. Rents have risen astronomically and entry-level homes are beyond the reach of many citizens of our state. As the supply of affordable housing decreases, the number of homeless individuals has risen and more people than ever are sleeping on the street. It is the intent of this act to provide an additional funding stream to be utilized for the preservation of affordable housing projects and the creation of new affordable homes.
Sec. 2. RCW 82.45.060 and 2013 2nd sp.s. c 9 s 6 are each amended to read as follows:
There is imposed an excise tax upon each sale of real property at the rate of one and twenty-eight one-hundredths percent of the selling price.
((Beginning July 1, 2013, and ending June 30, 2019,)) An amount equal to two percent of the proceeds of this tax must be deposited in the
((public works assistance account created in RCW 43.155.050,)) Washington housing trust fund created in RCW 43.185.030 and an amount equal to four and one
-tenth percent must be deposited in the
((education legacy trust account created in RCW 83.100.230. Thereafter, an amount equal to six and one-tenth percent of the proceeds of this tax to the state treasurer must be deposited in the)) public works assistance account created in RCW
43.155.050. Except as otherwise provided in this section, an amount equal to one and six-tenths percent of the proceeds of this tax to the state treasurer must be deposited in the city-county assistance account created in RCW
43.08.290.
NEW SECTION. Sec. 3. This act takes effect July 1, 2019.
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