Notice of Committee Passage of House Bill 1542

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HB 1542, titled AN ACT Relating to establishing a state student loan program, has been passed by the House Committee on College & Workforce Development. The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection:

Fiscal Year		Real Estate Excise Tax
2020		$ 50,000,000
2021		61,700,000
2022		62,600,000
2023		64,200,000
2024		107,400,000
2025		109,900,000
2026		112,300,000
2027		114,900,000
2028		117,500,000
2029		120,100,000
Total:		$ 920,600,000

This bill would create the Washington Student Loan Program to be administered by the Office of Student Financial Assistance.  The loan program would be funded by a 0.28 percent increase in the real estate excise tax on property sales of over one million dollars.

The Washington State Board for Community and Technical Colleges does not set, administer or collect any of the taxes listed in this bill.

Section 8 modifies the real estate excise tax so that the rate for the sale of real property sold at a price greater than one million dollars would increase from one and twenty-eight one-hundredths percent to one and one-half percent.

Increased REET proceeds to fund this program would not be received by WWU, as the program will be administered by WSAC.

A state-run student loan program could make it more affordable or attractive for students to seek educational opportunities at Eastern.  Eastern could see additional undergraduate enrollment in its programs but the possible increase in enrollment is unknown at this time, therefore, the fiscal impact is indeterminate.

This bill specifies what WSAC would administer this loan, so WSU would not have any cash receipts.

The following legislators voted do pass:

Representative Mike Sells
Democrat
(360) 786-7840
Mike.Sells@leg.wa.gov

Representative Debra Entenman
Democrat
(360) 786-7918
ENTENMAN_DE@leg.wa.gov

Representative Drew Hansen
Democrat
(360) 786-7842
Drew.Hansen@leg.wa.gov

Representative Gerry Pollet
Democrat
(360) 786-7886
Gerry.Pollet@leg.wa.gov

Representative Steve Bergquist
Democrat
(360) 786-7862
Steve.Bergquist@leg.wa.gov

Representative Jared Mead
Democrat
(360) 786-7892
MEAD_JA@leg.wa.gov

Representative Vandana Slatter
Democrat
(360) 786-7936
Vandana.Slatter@leg.wa.gov

Representative Bill Ramos
Democrat
(360) 786-7852
RAMOS_BI@leg.wa.gov

Representative Dave Paul
Democrat
(360) 786-7914
PAUL_DA@leg.wa.gov

Representative Mari Leavitt
Democrat
(360) 786-7890
LEAVITT_MA@leg.wa.gov


The following legislators voted to refer the bill without recommendation:

Representative Skyler Rude
Republican
(360) 786-7828
RUDE_SK@leg.wa.gov


Not voting:

Representative Tina Orwall
Democrat
(360) 786-7834
Tina.Orwall@leg.wa.gov

Senator Jeff Holy
Republican
(360) 786-7610
Jeff.Holy@leg.wa.gov

Representative Gael Tarleton
Democrat
(360) 786-7860
Gael.Tarleton@leg.wa.gov

Representative Jesse Young
Republican
(360) 786-7964
Jesse.Young@leg.wa.gov

Representative Luanne Van Werven
Republican
(360) 786-7980
Luanne.VanWerven@leg.wa.gov

Representative Vicki Kraft
Republican
(360) 786-7994
Vicki.Kraft@leg.wa.gov

Representative Jenny Graham
Republican
(360) 786-7962
GRAHAM_JE@leg.wa.gov

Representative Chris Gildon
Republican
(360) 786-7968
GILDON_CH@leg.wa.gov

Representative Robert Sutherland
Republican
(360) 786-7967
SUTHERLA_RO@leg.wa.gov



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

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