WA People
BILL · 2023–24 SESSION

SB 6191: Housing/taxes

Increasing the supply of affordable and workforce housing.

Summary

  • Increases the portion of the selling price subject to the state real estate excise tax (REET) rate of 1.1 percent from $525,000 to $750,000.
  • Imposes a new real estate transfer tax (RETT) of 1 percent on the portion of the real estate selling price above $3.025 million.
  • Requires all revenue from the REET and RETT to be divided among several accounts, including two newly created accounts, the Developmental Disabilities Housing and Services Account and the Housing Stability Account.
  • Creates a REET and RETT exemption for certain sales or transfers of properties that will be used for a community purpose.

From the Senate Bill Report (SB 6191), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedJan 11, 2024
  2. Out of committeestopped here
  3. Passed Senate
  4. Passed House
  5. Governor
  6. Law
Prime sponsor
Noel Frame (D-36)
Introduced
January 11, 2024 in the Senate
Last action
January 11, 2024
Companion bill
HB 2276
Budget
Has a fiscal note

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: Noel Frame (D-36)

17 co-sponsors (17 Democrats, 0 Republicans)

Joe Nguyen D-34Rebecca Saldaña D-37Manka Dhingra D-45Karen Keiser D-33Lisa Wellman D-41Senator D-22Bob Hasegawa D-11Yasmin Trudeau D-27Liz Lovelett D-40Claire Wilson D-30Derek Stanford D-1Patty Kuderer D-48Steve Conway D-29Annette Cleveland D-49Jamie Pedersen D-43Javier Valdez D-46T'wina Nobles D-28

Votes

No recorded floor votes. This measure never reached a floor vote.

History

  1. First reading, referred to Ways & Means.

SB 6191 in other sessions

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

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