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Published on Friday, February 6, 2015

REET flexibility bill gets hearing

HB 1789, sponsored by Rep. Larry Springer (D-Kirkland), is being heard on Tuesday, February 10 at 10 am in the House Local Government Committee. This bill, a priority for AWC, would harmonize the allowable expenditure of Real Estate Excise Taxes (REET). Under current law there are different allowable uses for the first 0.25% (REET 1) vs. the second 0.25% (REET 2) that is collected on real estate transactions in the majority of cities. In addition, the bill allows REET proceeds to be used for on-going operation and maintenance of capital facilities. That use of the funds is currently set to expire in 2016. AWC and the Washington State Association of Counties are highly supportive of this bill.

If your Representative sits on the House Local Government Committee now would be a good time to contact them and express your support for this bill.