SENATE BILL REPORT

HB 1308

BYRepresentatives Wang and Holland; by request of Department of Revenue

Changing requirements concerning real estate excise tax affidavit forms.

House Committe on Revenue

Senate Committee on Ways & Means

Senate Hearing Date(s):March 31, 1989

Senate Staff:Terry Wilson (786-7715)

AS OF MARCH 31, 1989

BACKGROUND:

The real estate excise tax is collected on sales of real property and is paid by the seller.  When real property is sold, the seller, buyer, or agent for either may sign the real estate excise tax affidavit, which verifies the amount of tax due.  Usually, the seller or seller's agent signs the form since the seller is liable for the tax.  However, if the seller does not pay the tax, a tax lien may be placed on the property and become a burden to the buyer.

SUMMARY:

Both the seller and buyer of real property, and not agents for either, are required to sign the real estate excise tax affidavit.

Appropriation:    none

Revenue:    none

Fiscal Note:      available