H-1347.1  _______________________________________________

                          HOUSE BILL 1756

          _______________________________________________

State of Washington      56th Legislature     1999 Regular Session

By Representatives Thomas and Dunshee

Read first time 02/04/1999.  Referred to Committee on Finance.

Exempting certain land exchanges with the federal government from real estate excise tax.

    AN ACT Relating to a real estate excise tax exemption for land exchanges with the federal government; adding a new section to chapter  82.45 RCW; and adding a new section to chapter 82.46 RCW.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 82.45 RCW to read as follows:

    An exchange of real estate is exempt from tax under this chapter if all of the following conditions are met:

    (1) The exchange consists of a transfer of privately owned real estate for land administered by the federal secretary of agriculture as part of a national forest;

    (2) The exchange has been specifically authorized by an act of the congress of the United States; and

    (3) The values of the exchanged parcels are equal, or if not equal, have been equalized in a manner provided by the act of congress authorizing the exchange.

NEW SECTION. Sec. 2.  A new section is added to chapter 82.46 RCW to read as follows:

    The exemption in section 1 of this act is for the state real estate excise tax and does not extend to taxes imposed under this chapter.

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