H-4037.2          _______________________________________________

                                  HOUSE BILL 2615

                  _______________________________________________

State of Washington              54th Legislature             1996 Regular Session

By Representatives D. Sommers, Crouse, Fuhrman, Sterk, Sheahan and Pelesky

Read first time 01/15/96.  Referred to Committee on Capital Budget.

Distributing a portion of real estate excise tax revenues to local governments for capital projects.

     AN ACT Relating to real estate excise taxes for local capital projects; amending RCW 82.45.060; and providing an effective date.

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

     Sec. 1.  RCW 82.45.060 and 1987 c 472 s 14 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.

(2) An amount equal to seven and seven-tenths percent of the proceeds of this tax to the state treasurer shall be deposited in the public works assistance account created in RCW 43.155.050.

     (((2) There is imposed an additional excise tax through June 30, 1989, upon each sale of real property at the rate of six one-hundredths of one percent of the selling price.  The tax imposed under this subsection shall be deposited in the conservation area account under RCW 79.71.110.)) (3) An amount equal to forty percent of the proceeds of this tax shall be distributed to a city for each sale of real property within its corporate limits or distributed to the county for each sale of real property within the unincorporated area of the county.  Moneys distributed under this section shall be used solely for financing capital projects as defined in RCW 82.46.010(6).

NEW SECTION. Sec. 2.  This act shall take effect July 1, 1996.

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