Notice of Completion: The 10 Year Analysis for House Bill 1981 is Complete
Office of the Governor / Office of Financial Management sent this bulletin at 03/23/2022 03:03 PM PDT
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UPDATE: The 10 year analysis for HB 1981, titled AN ACT Relating to local government planning, has been completed. 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 |
Real Estate Excise Tax |
State Property Tax |
Total |
|
|
|
||||
|
2022 |
$0 |
$0 |
$0 |
|
|
2023 |
$0 |
$46,800,000 |
$46,800,000 |
|
|
2024 |
$23,100,000 |
$139,600,000 |
$162,700,000 |
|
|
2025 |
$25,900,000 |
$239,000,000 |
$264,900,000 |
|
|
2026 |
$26,700,000 |
$345,400,000 |
$372,100,000 |
|
|
2027 |
$27,500,000 |
$459,100,000 |
$486,600,000 |
|
|
2028 |
$40,200,000 |
$580,300,000 |
$620,500,000 |
|
|
2029 |
$63,000,000 |
$709,600,000 |
$772,600,000 |
|
|
2030 |
$64,800,000 |
$847,200,000 |
$912,000,000 |
|
|
2031 |
$66,700,000 |
$993,600,000 |
$1,060,300,000 |
|
|
|
||||
|
Total: |
$337,900,000 |
$4,360,600,000 |
$4,698,500,000 |
|
Department of Commerce:
The department estimates the cash receipt impact of this legislation to be indeterminate. Section 18 of HB 1981 imposes an excise tax on sale of real property. At this time the department does not have a way of knowing how many homes will be sold, the selling price of those homes or what the consumer price index will be.
Ten-year projection prepared in consultation with the following agencies:
Department of Commerce
Department of Revenue
Bill sponsors and contact information:
Representative Gerry Pollet, Prime Sponsor
Democrat
(206) 307-0409
gerry.pollet@leg.wa.gov
Representative Cindy Ryu
Democrat
(206) 307-0769
cindy.ryu@leg.wa.gov
Representative Sharon Tomiko Santos
Democrat
(360) 786-7944
sharontomiko.santos@leg.wa.gov
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp