FINAL BILL REPORT

                 SHB 2718

                         C 137 L 94

                     Synopsis as Enacted

Brief Description:  Excepting utility‑related real estate tax affidavits from certain verification requirements.

By House Committee on Revenue (originally sponsored by Representatives G. Fisher, Fuhrman, Foreman, Brown, Bray and Kremen).

House Committee on Revenue

Senate Committee on Ways & Means

Background:  The real estate excise tax is paid when real property is sold.  The tax rate is 1.28 percent of the selling price.  Most local governments impose an added rate of 0.25 percent.  Additional local options are available. 

Both the buyer and the seller are required to sign a real estate excise tax affidavit when a taxable transaction occurs.  The seller must give the affidavit and pay the tax to the county treasurer. 

Summary:  When a gas, electrical or telecommunications company acquires an easement, only the company is required to sign the real estate excise tax affidavit.  The seller's signature is not required.

Votes on Final Passage:

House  95 0

Senate 47 0

Effective:  June 9, 1994