The bill introduces a real estate excise tax exemption for the sale of qualified affordable housing aimed at low-income households. It amends RCW 82.45.010 to redefine "self-help housing" as "ownership housing," which pertains to dwellings intended for ownership by low-income individuals and families, while explicitly excluding residential rental housing. The legislation also sets forth criteria for the sale or transfer of real property to qualifying grantees who plan to use the property for low-income housing, including stipulations for tax exemptions and compliance timelines.

Additionally, the bill mandates an annual review by the joint legislative audit and review committee to evaluate the effectiveness of the tax preference, focusing on the number of taxpayers claiming the exemption and the total amount of tax revenue exempted. It establishes a new section that sets an expiration date for these provisions on January 1, 2030, ensuring that the tax benefits are time-limited and subject to assessment. This structured approach aims to provide tax relief to developers of ownership housing while allowing for future adjustments based on the committee's findings.

Statutes affected:
Original Bill: 82.45.010