Notice of Committee Passage for Senate Bill 5580 - 10 Year Analysis Complete

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SB 5580, titled AN ACT Relating to the registration of certain corporations and trusts that own single-family homes and condominium units, has been passed by the Senate Committee on Housing. 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:

Office of the Secretary of State:

Indeterminate Revenue Impact

The number of corporate entities required to register under the Corporate Homeowner Registration Program is unknown, making it impossible to accurately estimate total revenue at this time. OSOS does not have access to comprehensive data sources that track entities meeting the 20-property ownership threshold outlined in Section 4.

While OSOS anticipates revenue from registration, renewal, amendment, and late fees, the actual amount collected will depend on compliance rates, enforcement actions, and market conditions. Until more data is available following program implementation, revenue projections remain indeterminate.

Estimated Fee Structure

Under Section 6, OSOS assumes it will collect the following fees based on the filing requirements outlined in Section 4:

•           Initial Registration Fee: $1,000 per entity

•           Annual Renewal Fee: $400 per entity

•           Amendment Fee: $100 per filing

•           Late Fee: $200 per year for expired registrations

Ten-year projection prepared in consultation with the following agencies:

Office of the Secretary of State

The following legislators voted do pass:

Senator Tina Orwall
Democrat
(360) 786-7664
tina.orwall@leg.wa.gov

Senator Jessica Bateman
Democrat
(360) 786-7642
jessica.bateman@leg.wa.gov

Senator Yasmin Trudeau
Democrat
(360) 786-7652
yasmin.trudeau@leg.wa.gov

Senator Jesse Salomon
Democrat
(360) 786-7662
jesse.salomon@leg.wa.gov

Senator Emily Alvarado
Democrat
(360) 786-7667
Emily.Alvarado@leg.wa.gov


The following legislators voted do not pass:

Senator Keith Goehner
Republican
(360) 786-7622
keith.goehner@leg.wa.gov

Senator Chris Gildon
Republican
(360) 786-7648
chris.gildon@leg.wa.gov



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

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