HB 1315 - DIGEST

(DIGEST AS ENACTED)

Authorizes the disclosure of information related to real estate excise taxes.

Requires the secretary of state to adopt rules requiring any entity that is required to file an annual report with the secretary of state, including entities under Titles 23, 23B, 24, and 25 RCW, to disclose any transfer in the controlling interest of the entity and any interest in real property.

Requires this information to be made available to the department of revenue upon request for the purposes of tracking the transfer of the controlling interest in real property and to determine when the real estate excise tax is applicable in such cases.

Provides that an organization that fails to report a transfer of the controlling interest in the organization under this act to the secretary of state and is later determined to be subject to real estate excise taxes due to the transfer, shall be subject to the provisions of RCW 82.45.100 as well as the evasion penalty in RCW 82.32.090(6).