Notice of Public Hearing of Senate Bill 5289

You are receiving this email as a subscriber to the Initiative 960 email list. RCW 43.135.031 (I-960) requires that notices be sent each time a bill that raises taxes or fees is: introduced in either house; scheduled for a public hearing; approved by any legislative committee; or passed by either house of the Legislature.

Please note: This email message was sent from a notification-only address. Please do not reply to this message.

SB 5289, titled AN ACT Relating to nonprofit homeownership development, has been scheduled for a public hearing by the Senate Committee on Housing Stability & Affordability.

Date and Time: 02/04/2019 1:30PM (Subject to change by the Legislature.)
Location: J.A. Cherberg Building, Senate Hearing Rm 2, Olympia, WA

The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected feepayers.

Ten-year projection:

REVENUE ESTIMATES 

The state property tax levy is temporarily rate based through Tax Year 2021 and changes to a budget based property tax system in Tax Year 2022.  A new exemption beginning in any year before Tax Year 2022 results in a combined loss to part 1 and part 2 of the state property tax levy of $9,000 in Fiscal Year 2020 and $34,000 in Fiscal Year 2021, the first full fiscal year.

PROPERTY TAX SHIFTS

Beginning in Fiscal Year 2022, this legislation results in a state levy shift to other taxpayers of an estimated $17,000 for Fiscal Year 2022 and $49,000 in Fiscal Year 2023.

TOTAL REVENUE IMPACT: 

      State Government (cash basis, $000):    

           FY 2020 -     ($   9) 

           FY 2021 -     ($ 34) 

           FY 2022 -     ($ 49) 

           FY 2023 -     ($ 49) 

           FY 2024 -     ($ 49) 

           FY 2025 -     ($ 49) 

DETAIL OF REVENUE IMPACT FOR PROPERTY TAX BILLS, Calendar Year Basis

      State Government, Impact on Revenues ($000)    

           CY 2020 -     ($ 17)            

           CY 2021 -     ($ 49)            

           CY 2022 -     ($ 49)            

           CY 2023 -     ($ 49)            

           CY 2024 -     ($ 49)            

           CY 2025 -     ($ 48)            

      State Government, ($000), Shift of Tax Burden    

           CY 2020 -      $     0            

           CY 2021 -      $     0            

           CY 2022 -      $   32            

           CY 2023 -      $   64            

           CY 2024 -      $   97            

           CY 2025 -      $ 129            

Bill sponsors and contact information:

Senator Guy Palumbo, Prime Sponsor

Democrat

(360) 786-7600

Guy.Palumbo@leg.wa.gov

Senator Hans Zeiger

Republican

(360) 786-7648

Hans.Zeiger@leg.wa.gov

Senator Mona Das

Democrat

(360) 786-7692

DAS_MO@leg.wa.gov

Senator Marko Liias

Democrat

(360) 786-7640

Marko.Liias@leg.wa.gov

Senator Jesse Salomon

Democrat

(360) 786-7662

SALOMON_JE@leg.wa.gov

Senate Committee on Housing Stability & Affordability members and contact information:

Senator Jeannie Darneille

Democrat

(360) 786-7652

DARNEILL_JE@leg.wa.gov

Senator Mona Das

Democrat

(360) 786-7692

DAS_MO@leg.wa.gov

Senator Phil Fortunato

Republican

(360) 786-7660

phil.fortunato@leg.wa.gov

Senator Patty Kuderer

Democrat

(360) 786-7694

Patty.Kuderer@leg.wa.gov

Senator Rebecca Saldaña

Democrat

(360) 786-7688

Rebecca.Saldana@leg.wa.gov

Senator Judy Warnick

Republican

(360) 786-7624

Judith.Warnick@leg.wa.gov

Senator Hans Zeiger

Republican

(360) 786-7648

Hans.Zeiger@leg.wa.gov

Legislative Bill Information Website: http://apps.leg.wa.gov/billinfo/

Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp