Loading chat...
WA SB5647
Bill
Status
Engrossed
4/19/2025
Primary Sponsor
Emily Alvarado
Click for details
AI Summary
- Exempts sales of "ownership housing" by affordable homeownership facilitators to low-income households (at or below 80% of county median income) from the real estate excise tax
- Expands the existing exemption by changing "self-help housing" (which required labor participation by buyers) to "ownership housing" (dwelling residences for low-income ownership without the labor requirement)
- Affordable homeownership facilitators must be nonprofit organizations exempt under IRC 501(c) that develop ownership housing for low-income individuals and families
- Exemption does not apply to residential rental housing provided on a commercial basis to the general public
- Tax preference expires January 1, 2030, and the Joint Legislative Audit and Review Committee will track the number of taxpayers claiming the exemption and total exempt revenue
Legislative Description
Providing a real estate excise tax exemption for the sale of qualified affordable housing.
Last Action
First reading, referred to Finance.
3/3/2026
Committee Referrals
Finance3/3/2026
Rules2/4/2026
Ways & Means1/12/2026
Rules4/27/2025
Finance4/21/2025
Rules2/28/2025
Ways & Means2/3/2025
Full Bill Text
No bill text available