H-0155.1 _______________________________________________
HOUSE BILL 1622
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State of Washington 52nd Legislature 1991 Regular Session
By Representatives Franklin, Paris, Nelson, Moyer, Pruitt, Wood, Prentice, Winsley, Cole, Ogden, Wineberry, Zellinsky, R. Meyers, Jones, Roland, Locke, Wilson, R. Johnson, Leonard, Haugen, Inslee and Anderson.
Read first time February 4, 1991. Referred to Committee on Housing.
AN ACT Relating to funding for the housing trust fund; and amending RCW 82.04.4292.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 82.04.4292 and 1980 c 37 s 12 are each amended to read as follows:
(1) In computing tax there may be deducted from the measure of tax by those engaged in banking, loan, security, or other financial businesses, amounts derived from interest received on investments or loans made on or before December 31, 1991, and primarily secured by first mortgages or trust deeds on nontransient residential properties.
(2) In computing tax there may be deducted from the measure of tax by those engaged in banking, loan, security, or other financial businesses, amounts derived from interest received on loans made after December 31, 1991, secured by a first mortgage or trust deed, and occupied by a qualified first-time homebuyer. In order to meet the requirements of a qualified first-time homebuyer: (a) The property must be a single-family residence and located in the state of Washington; (b) the purchaser must not have had an ownership interest in his or her principal residence at any time during a three-year period prior to the date the mortgage is executed; (c) the purchase price of the residence must not exceed ninety percent of the average area purchase price for a twelve-month period prior to the date the mortgage is executed; and (d) the purchaser's family income must be at or below one hundred fifteen percent of the area median income, based on household size, for the county where the property is located.
(3) The amounts derived from the tax on interest received on loans previously exempted by subsection (1) of this section but not exempted under subsection (2) of this section shall be deposited into the Washington housing trust fund created by RCW 43.185.030.