AN ACT Relating to increasing funding for affordable housing; amending RCW 82.45.060; creating a new section; providing an effective date; and declaring an emergency.

Sec. 1. RCW 82.45.060 and 2017 3rd sp.s. c 10 s 13 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. Beginning July 1, 2013, and ending June 30, 2023, an amount equal to two percent of the proceeds of this tax must be deposited in the public works assistance account created in RCW 43.155.050, and an amount equal to four and one-))following rates multiplied by the selling price:

(a) One and twenty-eight one-hundredths percent if the selling price is less than one million dollars;

(b) Two percent if the selling price is equal to or greater than one million dollars but less than five million dollars; or

(2)(a) From July 1, 2013, through June 30, 2023, the revenues received from the tax in this section must be deposited as follows:

(i) Two percent must be deposited into the public works assistance account created in RCW 43.155.050;

(ii) Four and one-tenth percent must be deposited into the education legacy trust account created in RCW 83.100.230;

(iii) One and six-tenths percent must be deposited into the city-county assistance account created in RCW 43.08.290;

(iv) Sixteen and seven-tenths percent must be deposited into the Washington housing trust fund created in RCW 43.185.030; and

(b) Beginning July 1, 2023, and thereafter, the revenues received from the tax in this section must be deposited as follows:

(i) Six and one-tenth percent must be deposited into the public works assistance account created in RCW 43.155.050;

(ii) One and six-tenths percent must be deposited into the city-county assistance account created in RCW 43.08.290;

(iii) Sixteen and seven-tenths percent must be deposited into the Washington housing trust fund created in RCW 43.185.030; and

NEW SECTION. Sec. 2. The provisions of RCW 82.32.805 and 82.32.808 do not apply to this act.

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 July 1, 2019.