S-4042.2
SUBSTITUTE SENATE BILL 5884
State of Washington
69th Legislature
2026 Regular Session
By Senate Housing (originally sponsored by Senators Riccelli, Trudeau, Conway, Frame, Lovelett, Nobles, and Shewmake)
READ FIRST TIME 01/22/26.
AN ACT Relating to expanding the limited sales and use tax incentive program to encourage redevelopment of underutilized property; amending RCW 82.92.007 , 82.92.010 , 82.92.020 , 82.92.040 , 82.92.070 , 82.92.090 , 82.92.100 , 82.92.110 , and 82.92.120 ; amending 2022 c 241 s 15 (uncodified); adding a new section to chapter 82.92 RCW; and creating a new section.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 82.92.007 and 2022 c 241 s 2 are each amended to read as follows:
It is the purpose of this chapter to encourage the redevelopment of underdeveloped (( land )) 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 underdeveloped (( land )) property and a lack of affordable housing in areas proximate to the (( land )) property . If a conditional recipient maintains the property for qualifying purposes for at least 10 years, deferred sales and use taxes need not be repaid.