The bill proposes a real estate excise tax exemption for the sale of qualified affordable housing in Washington State, amending RCW 82.45.010 to introduce new definitions and conditions for what constitutes a "sale." It specifically focuses on low-income housing developments and affordable homeownership initiatives, replacing the term "self-help" housing with "ownership" to clarify that the exemption applies to properties intended for ownership by low-income individuals and families, rather than rental properties. The bill also outlines criteria for qualifying entities and conditions for the tax exemption, emphasizing the continued use of the property for low-income housing.

To ensure accountability and effectiveness, the bill mandates the joint legislative audit and review committee to conduct an annual review of the tax preference, assessing the number of taxpayers benefiting from the exemption and the total amount of tax revenue exempted. Additionally, it establishes a new section that sets an expiration date for the provisions of the act on January 1, 2030, allowing for future review and reevaluation of the tax preference related to qualified low-income housing developments.

Statutes affected:
Original Bill: 82.45.010