S-245                 _______________________________________________

                                                   SENATE BILL NO. 5134

                        _______________________________________________

State of Washington                              50th Legislature                              1987 Regular Session

By Senator Owen

Read first time 1/16/87 and referred to Committee on Ways & Means.

AN ACT Relating to taxation of conveyances; and amending RCW 82.20.010.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  Section 82.20.010, chapter 15, Laws of 1961 as last amended by section 11, chapter 471, Laws of 1985 and RCW 82.20.010 are each amended to read as follows:

          (1) There is levied and there shall be collected a tax upon conveyances as follows:  On any deed, instrument, or writing (unless deposited in escrow before May 1, 1935), whereby any lands, tenements, or other realty sold shall be granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser, or any other person by his direction, when the consideration or value of the interest or property conveyed, exclusive of the value of any lien or encumbrance remaining thereon at the time of sale, exceeds one hundred dollars and does not exceed five hundred dollars or fractional part thereof, one dollar; and for each additional five hundred dollars or fractional part thereof, one dollar.

          (2) Forty-six and one-half percent of the moneys collected under this section shall be deposited in the public works assistance account created in RCW 43.155.050.

          (3) This section shall not apply to any instrument or writing, given to secure a debt, a cancellation or forfeiture of a vendee's interest in a contract for the sale of real property, whether or not such contract contains a forfeiture clause, a deed in lieu of foreclosure of a mortgage, the assumption by a grantee of the balance owing on an obligation which is secured by a mortgage or deed in lieu of forfeiture of the vendee's interest in a contract of sale where no consideration passes otherwise, the partition of property by tenants in common by agreement or as the result of a court decree, nor to any conveyance to the state.