H-0221.3  _______________________________________________

                          HOUSE BILL 1254

          _______________________________________________

State of Washington      57th Legislature     2001 Regular Session

By Representatives Kessler, Mastin, Reardon, Roach, Cairnes and Morris

Read first time 01/22/2001.  Referred to Committee on Finance.

Exempting certain land exchanges and sales involving the federal government from real estate excise tax.

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

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:

    Exchanges and sales of real estate are 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 United States secretary of agriculture or secretary of the interior, or both; and

    (2) 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.

NEW SECTION. Sec. 3.  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 immediately.

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