This bill amends existing Washington state laws regarding the use of local real estate excise tax revenues to include airport capital projects as an allowable expenditure. Specifically, it modifies RCW 82.46.010 and RCW 82.46.035 to define "capital project" to include "airports with less than 10,000 annual enplanements as determined by the most recent enplanement data published by the federal aviation administration." Additionally, the bill updates the tax rate language from "one-quarter of one percent" to "0.25 percent" and from "one-half of one percent" to "0.5 percent," ensuring clarity in the tax rates imposed on real property sales.

Furthermore, the bill allows counties and cities to use a portion of the excise tax revenues for the operation, maintenance, and service support of existing capital projects, including those related to affordable housing and homelessness, for a specified period. It establishes that after December 31, 2023, revenues generated from the tax must be deposited in a separate account, and it outlines the conditions under which counties and cities can impose the additional excise tax, including the requirement for voter approval in certain cases. Overall, the bill aims to enhance local funding options for airport infrastructure and related community services.

Statutes affected:
Original Bill: 82.46.010, 82.46.035