This bill aims to provide tax relief to Washington residents affected by natural disasters, specifically the atmospheric river and winter weather events. It amends RCW 84.70.010 to allow for the reduction of property value and tax abatement for properties that have been damaged or destroyed due to natural disasters. The bill introduces new provisions that exempt physical improvements to qualifying single-family dwellings from taxation for three assessment years following the completion of the improvements, with specific application deadlines. Additionally, it establishes criteria for what constitutes a "qualifying single-family dwelling" and outlines the process for taxpayers to apply for these exemptions.

Furthermore, the bill adds new sections to chapters 82.08 and 82.12 RCW, which provide a sales tax exemption for materials and services related to eligible flood restoration projects. This exemption is structured as a remittance, requiring qualifying purchasers to pay the applicable taxes upfront and then apply for a remittance based on their qualifying purchases. The bill also specifies definitions for "eligible flood restoration project" and "natural disaster," and sets an expiration date for these provisions of July 1, 2031. Overall, the legislation seeks to alleviate the financial burden on residents recovering from natural disasters by offering targeted tax relief measures.

Statutes affected:
Original bill: 84.70.010