Dead or Alive? Update on Washington State Real Estate Bills.

Earlier this month, we provided an overview of several bills in the state legislature that we are following that impact the real estate community. I’m not going to pretend to understand how Washington State parliamentary procedure works, but the bills needed to pass out of their House of Origin by last Wednesday, February 19th, in order to stay alive. Here’s a quick summary of where things stand.

Alive:

- Capital Gains Tax (HB 1172, SB 5314). Worth noting, a capital gains tax is still functionally illegal under our state’s constitution.

- Allowing installment payments for renter fees, deposits, and last month’s rent (EHB 1694).

- Providing for a statutory grace period before late fees can be charged for late rent (EHB 2535).

Dead:

- Reduced real estate excise tax on multi-family housing

- Just Cause evictions

- Rent control

We will continue to provide updates as things evolve.

Reach out to Brendan McAuliffe with questions or comments - brendan@bmmscpa.com