5998-S.E AMH ORCU H3210.1
ESSB 5998 - H AMD 909
By Representative Orcutt
NOT ADOPTED 04/27/2019
On page 1, line 14, after "(c)" insert "and (d)"
On page 2, line 6, after "(c)" insert "For the sale of real property that is classified as affordable housing:
(i) If the selling price is equal to or less than five hundred thousand dollars, nine-tenths percent of the selling price; and
(ii) If the selling price is greater than five hundred thousand dollars, one and twenty-eight one-hundredths percent of the selling price.
(d)"
Correct any internal references accordingly.
EFFECT: Exempts affordable housing with a selling price greater than five hundred thousand dollars (qualifying affordable housing) from the two and three percent real estate excise tax rates established in the bill for transactions that meet selling price thresholds. Makes the entire taxable selling price of qualifying affordable housing subject to a 1.28 percent rate.
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