The bill amends RCW 82.45.030 to clarify the calculation of the real estate excise tax for the transfer of a controlling interest in an entity that holds real property in Washington State. It specifies that the "selling price" for such transfers will be determined by the true and fair value of the real property owned by the entity, multiplied by the percentage of the controlling interest being transferred. Additionally, if the true and fair value cannot be reasonably determined, the selling price will be based on the market value assessment maintained on the county property tax rolls at the time of the sale.

Furthermore, the bill introduces a new section that establishes an effective date of August 1, 2025, for the changes made. The amendments aim to provide clearer guidelines for calculating the selling price in these specific real estate transactions, ensuring that the excise tax is applied consistently and fairly.

Statutes affected:
Original Bill: 82.45.030