S-41                  _______________________________________________

                                                   SENATE BILL NO. 5619

                        _______________________________________________

State of Washington                               51st Legislature                              1989 Regular Session

By Senator Talmadge

Read first time 1/30/89 and referred to Committee on  Ways & Means.

AN ACT Relating to the housing trust fund; and amending RCW 82.45.060.

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

        Sec. 1.  Section 28A.45.060, chapter 223, Laws of  1969 ex. sess. as last amended by section 14, chapter 472, Laws of 1987 and RCW 82.45.060 are each amended to read as follows:

          (1) There is imposed an excise tax upon each sale of real property at the rate of one and twenty-eight one-hundredths percent of the selling price.  An amount equal to seven and seven-tenths percent of the proceeds of this tax to the state treasurer shall be deposited in the public works assistance account created in RCW 43.155.050.

          (2) There is imposed an additional excise tax through June 30, 1989, upon each sale of real property at the rate of six one-hundredths of one percent of the selling price.  The tax imposed under this subsection shall be deposited in the conservation area account under RCW 79.71.110.

(3) As of the effective of this 1989 section, there is imposed an additional excise tax upon each sale of commercial real property at the rate of six one-hundredths of one percent of the selling price.  The tax imposed under this subsection shall be deposited in the housing trust fund.