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Sponsors seek to ‘harmonize’ local REIT rules, remove expirations and expand flexibility
Summary
House Bill 17-91 would align allowable uses of local REIT 1 and REIT 2, remove certain expirations and allow greater flexibility for cities and counties to use REIT funds for affordable housing, operations and maintenance; local governments and associations largely supported the bill at a House Finance hearing.
House Finance heard testimony Feb. 13 on House Bill 17-91, sponsored by Representative Dave Paul, which would harmonize and increase flexibility in the uses of two local real estate excise tax rates (commonly called REIT 1 and REIT 2).
Rochelle Harris, committee staff, outlined the statutory differences that currently restrict how jurisdictions use REIT 1 and REIT 2 revenues. “Some of them are based on the size of the city and town and whether or not they fully plan under the Growth Management Act,” Harris said, and she…
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