BILL REQ. #:  S-3938.1 

Read first time 01/31/12.   Referred to Committee on Ways & Means.

     AN ACT Relating to directing existing real estate excise taxes to the general fund; and reenacting and amending RCW 82.45.060.

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

Sec. 1   RCW 82.45.060 and 2011 1st sp.s. c 50 s 975 and 2011 1st sp.s. c 48 s 7035 are each reenacted and amended to read as follows:
     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 six and one-tenth percent of)) The proceeds of this tax to the state treasurer must be deposited in the ((public works assistance account created in RCW 43.155.050: PROVIDED, That during the fiscal year 2011, six and one-tenth percent of the proceeds of this tax must be deposited in the)) general fund for general purpose expenditures. Except as otherwise provided in this section, an amount equal to one and six-tenths percent of the proceeds of this tax to the state treasurer must be deposited in the city-county assistance account created in RCW 43.08.290. During the 2011-2013 fiscal biennium, 1.546 percent of the proceeds of this tax to the state treasurer must be deposited in the city-county assistance account.