Bill > SB6175

This bill creates a sales and use tax deferral program to encourage the redevelopment of underutilized commercial property in targeted urban areas for the purpose of increasing affordable housing and employment opportunities. The key provisions include: - Defining terms such as "affordable housing," "underutilized commercial property," and "eligible investment project." - Allowing cities to authorize a sales and use tax deferral program for investment projects that convert commercial buildings to provide at least 10% affordable housing units for low-income households. - Establishing an application and approval process for the tax deferral, including requirements such as the investment project being in conformance with local plans and zoning. - Providing for the deferral of state and local sales and use taxes during active construction of the qualified investment project. - Requiring annual reporting by the property owner and the city to monitor compliance and effectiveness of the program. - Allowing property owners to also apply for the multiple-unit housing property tax exemption program under existing law. - Providing for the transfer of the tax deferral to a new property owner if they meet the program requirements. - Establishing a tax preference performance statement and review by the Joint Legislative Audit and Review Committee to evaluate the effectiveness of the program in increasing affordable housing units.

Budget and Finance, Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=6175&Year=2023&Initiative=false