Bill
Bill > SB5591
summary
Introduced
01/30/2025
01/30/2025
In Committee
01/30/2025
01/30/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
AN ACT Relating to a sales and use tax remittance program for 2 affordable housing; adding a new section to chapter 82.08 RCW; adding 3 a new section to chapter 82.12 RCW; adding a new chapter to Title 82 4 RCW; creating a new section; providing an effective date; and 5 providing an expiration date. 6
AI Summary
This bill creates a sales and use tax remittance program designed to incentivize the development of affordable housing across Washington state. The bill defines affordable housing as residential units where low-income households (defined as those earning at or below 80-100% of the median family income, depending on the county) pay no more than 30-38% of their monthly income on housing costs. Eligible organizations like nonprofit developers, public housing authorities, and for-profit developers can apply to local city or county governments for a program that allows them to receive a 50% remittance of sales and use taxes paid during the construction of qualifying projects. To be eligible, projects must dedicate at least 50% of residential units to low-income households for a minimum of 40 years and meet various local zoning and planning requirements. Local governments that participate in the program must use the remitted funds for purposes such as constructing or maintaining affordable housing, acquiring property for future housing development, or supporting behavioral health services. The bill includes detailed application processes, reporting requirements, and provisions to ensure long-term compliance, with a built-in evaluation mechanism to assess the program's effectiveness in creating affordable housing. The program is set to begin on January 1, 2026, and will expire on December 31, 2035, with the Joint Legislative Audit and Review Committee required to evaluate its impact by the end of 2033.
Committee Categories
Housing and Urban Affairs
Sponsors (5)
Last Action
Senate Committee on Housing Executive Session (10:30:00 2/14/2025 Senate Committee on Housing) (on 02/14/2025)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://app.leg.wa.gov/billsummary?BillNumber=5591&Year=2025&Initiative=false |
Senate Bill Report | https://lawfilesext.leg.wa.gov/biennium/2025-26/Pdf/Bill%20Reports/Senate/5591%20SBR%20HSG%20TA%2025.pdf |
Senate Bill Report (Orig.) | https://lawfilesext.leg.wa.gov/biennium/2025-26/Pdf/Bill%20Reports/Senate/5591%20SBA%20HSG%2025.pdf |
BillText | https://lawfilesext.leg.wa.gov/biennium/2025-26/Pdf/Bills/Senate%20Bills/5591.pdf |
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