H-2369.1  _______________________________________________

                    SUBSTITUTE HOUSE BILL 1756

          _______________________________________________

State of Washington      56th Legislature     1999 Regular Session

By House Committee on Finance (originally sponsored by Representatives Thomas and Dunshee)

Read first time 03/08/1999.

Exempting certain land exchanges with the federal government from real estate excise tax.

    AN ACT Relating to a real estate excise tax exemption for land exchanges with the federal government; adding a new section to chapter  82.45 RCW; adding a new section to chapter 82.46 RCW; and declaring an emergency.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 82.45 RCW to read as follows:

    An exchange of real estate is exempt from tax under this chapter if all of the following conditions are met:

    (1) The exchange consists of a transfer of privately owned real estate for land administered by the federal secretary of agriculture as part of a national forest;

    (2) The exchange has been specifically authorized by an act of the congress of the United States; and

    (3) The values of the exchanged parcels are equal, or if not equal, have been equalized in a manner provided by the act of congress authorizing the exchange.

NEW SECTION. Sec. 2.  A new section is added to chapter 82.46 RCW to read as follows:

    The exemption in section 1 of this act is for the state real estate excise tax and does not extend to taxes imposed under this chapter.

NEW SECTION. Sec. 3.  This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately.

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