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 by redefining key terms, notably replacing "self-help" housing with "ownership" to emphasize ownership opportunities for low-income individuals and families. The bill outlines specific criteria for what constitutes qualified low-income housing developments and establishes the responsibilities of grantees who receive property for these purposes. Additionally, it mandates the Washington State Housing Finance Commission to collect data on the fiscal impact of the exemption and ensure compliance with the intended use of properties.

To enhance oversight, the bill directs the joint legislative audit and review committee to conduct annual reviews of the tax preference, assessing the number of taxpayers claiming the exemption and the total revenue exempted. It also includes a provision for the expiration of these tax preferences, set for January 1, 2030, allowing for a structured evaluation of the program's effectiveness and potential adjustments based on the committee's findings.

Statutes affected:
Original Bill: 82.45.010