Providing a sales and use tax incentive for multifamily affordable housing.

 S-0654.2

SENATE BILL 5553

State of Washington

69th Legislature

2025 Regular Session

By Senators Salomon, Shewmake, Liias, Nobles, and Slatter

Read first time 01/28/25. Referred to Committee on Ways & Means.

AN ACT Relating to providing a sales and use tax incentive for multifamily affordable housing; and amending RCW 82.59.007 , 82.59.020 , 82.59.030 , 82.59.040 , 82.59.070 , 82.59.130 , and 82.59.140 .

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

Sec. 1. RCW 82.59.007 and 2024 c 332 s 2 are each amended to read as follows:

(1) It is the purpose of this chapter to encourage the redevelopment of underutilized commercial property in targeted urban areas, thereby increasing affordable housing, employment opportunities, and helping accomplish the other planning goals of Washington cities. The legislative authorities of cities to which this chapter applies may authorize a sales and use tax deferral for an investment project within the city if the legislative authority of the city finds that there are significant areas of underutilized commercial property and a lack of affordable housing in areas proximate to the land.