Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee hears bill to harmonize local real estate excise tax uses, create REET exemption for community-serving affordable housing
Summary
The Ways & Means Committee heard testimony March 18 on substitute House Bill 1791, which would broaden how cities and counties may spend local real estate excise tax (REET) revenues and create a permanent REET exemption for portions of affordable housing developments used for community purposes.
The Ways & Means Committee heard testimony March 18 on substitute House Bill 1791, which would broaden how cities and counties may spend local real estate excise tax (REET) revenues and create a permanent REET exemption for portions of affordable housing developments used for community purposes.
Alia Kennedy, staff to the committee, told members that the bill "removes" restrictions based on population and Growth Management Act planning and allows REET 1 revenues to be used for REET 2-eligible capital projects and vice versa. She said the bill also eliminates certain sunset dates and the $1 million cap on capital projects, and makes permanent a January 1, 2026, exemption for sales of affordable housing space used as community facilities such as health…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
