HB 1628 - Real Estate Excise Tax (REET)
Increasing the supply of affordable housing by modifying the state and local real estate excise tax.
Sponsors: Chopp, Macri, Peterson, Alvarado, Taylor, Reed, Pollet, Lekanoff, Fitzgibbon, Berg, Riccelli, Davis, Street, Ramel, Duerr, Senn, Doglio, Cortes, Stonier, Gregerson, Mena, Berry, Fosse, Goodman, Bergquist, Slatter, Ormsby, Thai, Farivar, Simmons, Wylie
Status: Passed (H) Local Government on Feb. 10, awaiting next committee of referral
What the bill does:
- Increases real estate transaction tax on sales over $5 million from 3% to 4%
- Funds to support affordable housing programs