The bill amends RCW 82.45.060 to clarify the definition of "timberland" for the purposes of determining the real estate excise tax applicable to governmental entities. The new definition specifies that timberland includes land with standing timber and structures, and it must be classified under chapter 84.34 RCW, designated under chapter 84.33 RCW, or transferred to a governmental entity that manages the land similarly to designated forestland or classified timberland. Additionally, the governmental entity must adhere to specific requirements outlined in RCW 84.33.140(13)(j) or 84.34.108(6)(m).

The bill also establishes a framework for adjusting the selling price thresholds for the excise tax every four years, starting July 1, 2022. These adjustments will be based on the growth of the consumer price index for shelter or a fixed percentage, ensuring that the thresholds remain relevant over time. The department is tasked with publishing updated thresholds and reporting these adjustments to the legislature, thereby enhancing transparency and accountability in the tax system.

Statutes affected:
Original Bill: 82.45.060
Bill as passed Legislature: 82.45.060
Session law: 82.45.060