Clarifying the calculation of the real estate excise tax for the transfer of a controlling interest in an entity holding real property.

 H-1555.1

HOUSE BILL 2009

State of Washington

69th Legislature

2025 Regular Session

By Representatives Salahuddin, Walen, and Parshley

Read first time 02/20/25. Referred to Committee on Finance.

AN ACT Relating to clarifying the calculation of the real estate excise tax for the transfer of a controlling interest in an entity holding real property; amending RCW 82.45.030 ; and providing an effective date.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1. RCW 82.45.030 and 2011 c 58 s 15 are each amended to read as follows:

(1) As used in this chapter, the term "selling price" means the true and fair value of the property conveyed. If property has been conveyed in an arm's length transaction between unrelated persons for a valuable consideration, a rebuttable presumption exists that the selling price is equal to the total consideration paid or contracted to be paid to the transferor, or to another for the transferor's benefit.