WA People
BILL · 2023–24 SESSION · LATEST VERSION SHB 2276

HB 2276: Housing/taxes

Increasing the supply of affordable and workforce housing.

Summary

  • Increases the "ceiling" for the Tier 1 1.1 percent state real estate excise tax (REET) from $525,000 to $750,000 beginning January 1, 2026.
  • Imposes a new real estate transfer tax (RETT) of 1 percent on the value of the selling price over $3.025 million.
  • Directs the revenue from REET and RETT to be distributed to ensure the accounts currently receiving REET moneys are kept whole and to provide specific funding to the Washington Housing Trust Fund, Apple Health and Homes Account, the Affordable Housing for All Account, the new Developmental Disabilities Housing and Services Account, and the new Housing Stability Account.
  • Creates a REET exemption for certain sales or transfers of properties that qualify for a property tax exemption that will be used for a community purpose.

From the House Bill Report (HB 2276), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · stalled on the House floor
  1. IntroducedJan 10, 2024
  2. Out of committeeFeb 26, 2024
  3. Passed Housestopped here
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
April Berg (D-44)
Introduced
January 10, 2024 in the House
Last action
February 26, 2024
Companion bill
SB 6191
Budget
Has a fiscal note
Versions
HB 2276, SHB 2276

AN ACT Relating to increasing the supply of affordable and workforce housing by reducing taxes on real property sales under $3,025,000, modifying the state and local real estate excise tax, and imposing a surcharge on the transfer of multimillion dollar properties;

Sponsors

Prime sponsor: April Berg (D-44)

39 co-sponsors (39 Democrats, 0 Republicans)

Nicole Macri D-43Frank Chopp D-43Chipalo Street D-37Vandana Slatter D-48Julia Reed D-36Alex Ramel D-40Darya Farivar D-46Emily Alvarado D-34Shelley Kloba D-1Sharlett Mena D-29Timm Ormsby D-3Marcus Riccelli D-3Tana Senn D-41Lauren Davis D-32Steve Tharinger D-24Julio Cortes D-38Monica Jurado Stonier D-49Lillian Ortiz-Self D-21Joe Fitzgibbon D-34My-Linh Thai D-41Strom Peterson D-21Mary Fosse D-38Mia Gregerson D-33Tarra Simmons D-23Jamila Taylor D-30Beth Doglio D-22Gerry Pollet D-46Jessica Bateman D-22Debra Lekanoff D-40Roger Goodman D-45Liz Berry D-36Sharon Tomiko Santos D-37Sharon Wylie D-49Steve Bergquist D-11Jake Fey D-27Davina Duerr D-1Cindy Ryu D-32Melanie Morgan D-29Greg Nance D-23

Votes

No recorded floor votes.

History

  1. Referred to Rules 2 Review. (SHB 2276)
  2. Referred to Rules 2 Review.
  3. FIN - Majority; 1st substitute bill be substituted, do pass. (SHB 2276)
  4. Minority; do not pass. (SHB 2276)
  5. FIN - Executive action taken by committee.
  6. Minority; do not pass.
  7. FIN - Majority; 1st substitute bill be substituted, do pass.
  8. First reading, referred to Finance.

HB 2276 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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