S-3275.2
SENATE BILL 5998
State of Washington | 66th Legislature | 2019 Regular Session |
BySenators Nguyen, Lovelett, Hasegawa, Salomon, and Hunt
Read first time 03/29/19.Referred to Committee on Ways & Means.
AN ACT Relating to establishing a graduated real estate excise tax; amending RCW
82.45.060; providing an effective date; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW
82.45.060 and 2017 3rd sp.s. c 10 s 13 are each amended to read as follows:
(1) 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, 2023, 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, 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.))
following rates multiplied by the selling price: (a) Three-quarters percent if the selling price is less than two hundred fifty thousand dollars;
(b) One and twenty-eight one-hundredths percent if the selling price is equal to or greater than two hundred fifty thousand dollars but less than one million dollars;
(c) Two percent if the selling price is equal to or greater than one million dollars but less than five million dollars; or
(d) Two and one-half percent if the selling price is equal to or greater than five million dollars.
(2) The proceeds from the tax imposed in this section must be deposited as follows:
(a) Beginning July 1, 2013, through June 30, 2019:
(i) Two percent must be deposited in the public works assistance account created in RCW 43.155.050; (ii) Four and one-tenth percent must be deposited in the education legacy trust account created in RCW 83.100.230; and (iii) The remainder must be deposited into the general fund.
(b) Beginning July 1, 2019, through June 30, 2023:
(i) Two percent must be deposited into the public works assistance account created in RCW 43.155.050; (ii) One and six-tenths percent must be deposited into the city-county assistance account created in RCW 43.08.290; and (iii) The remainder must be deposited into the general fund; and
(c) Beginning July 1, 2023, and thereafter:
(i) Six and one-tenth percent must be deposited into the public works assistance account created in RCW 43.155.050; (ii) One and six-tenths percent must be deposited into the city-county assistance account created in RCW 43.08.290; and (iii) The remainder must be deposited into the general fund.
NEW SECTION. Sec. 2. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect July 1, 2019.
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