This bill amends RCW 82.46.035, which governs the excise tax on real estate transactions imposed by cities and counties in Washington. Key changes include the specification that the legislative authority of any county or city must identify capital projects funded by this tax in their adopted budget. The bill clarifies that the tax rate for the excise tax is set at a maximum of 0.25 percent of the selling price, replacing the previous phrasing. Additionally, it introduces provisions allowing revenues generated from this tax to be used for planning, acquisition, construction, and improvement of facilities for those experiencing homelessness and affordable housing projects, provided they are supported through an interlocal housing collaboration.

Furthermore, the bill establishes that counties and cities can use the greater of $100,000 or a percentage of available funds (not exceeding $1,000,000 annually) for capital projects related to homelessness and affordable housing. It also mandates that any county or city utilizing funds for these purposes must document their financial plans for capital projects in other areas. The authority to impose the additional excise tax can be temporarily rescinded if the governor files a notice of noncompliance, which adds a layer of accountability to the tax's implementation.

Statutes affected:
Original Bill: 82.46.035