Allows a qualified taxpayer a Washington affordable housing tax credit, for tax years during the credit period, with respect to the taxes imposed by RCW 48.14.020 (taxes on premiums) or chapter 82.04 RCW (business and occupation taxes).

Prohibits a qualified taxpayer from claiming a tax credit greater than forty percent of the tax due pursuant to RCW 48.14.020 or chapter 82.04 RCW, before application of any tax credits.

Authorizes the housing finance commission to allocate a credit to the owner of a qualified development by issuing an allocation certificate to the owner.

Expires January 1, 2029.