Bill > HB1983

This bill amends the definition of timberland for real estate excise tax purposes, expanding the classification to include land transferred or sold to a governmental entity that manages the land in the same manner as designated forestland or classified timberland. Specifically, the bill modifies the existing definition to add a third category of timberland beyond those already classified under chapters 84.34 and 84.33 RCW, which now includes land sold to a government entity that commits to managing the property consistent with forestland or timberland regulations. The bill maintains the 1.28% tax rate for timberland sales, which is lower than the graduated tax rates applied to other real estate transactions. The new provision requires that when a governmental entity receives timberland, it must comply with specific requirements outlined in RCW 84.33.140(13)(j) or 84.34.108(6)(m), ensuring that the land continues to be managed according to established forestry and land conservation standards. This change helps preserve the tax treatment and land management approach for timberland, even when ownership transfers to a governmental entity.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1983&Year=2025&Initiative=false