Washington HB1694 modifies the use of revenues from the excise tax on real estate transactions for cities and counties.

Washington HB1694 amends the use of revenues from the excise tax on real estate transactions imposed by cities and counties. The bill specifies that revenues generated by the tax may be used for planning, acquisition, construction, reconstruction, repair, replacement, rehabilitation, or improvement of facilities for those experiencing homelessness and affordable housing projects. It mandates that revenues must be used by cities and counties solely for financing capital projects specified in a capital facilities plan element of a comprehensive plan.

Washington HB1694 modifies the use of revenues from the excise tax on real estate transactions for cities and counties.

Washington HB1694 amends the use of revenues from the excise tax on real estate transactions imposed by cities and counties. The bill specifies that revenues generated by the tax may be used for planning, acquisition, construction, reconstruction, repair, replacement, rehabilitation, or improvement of facilities for those experiencing homelessness and affordable housing projects. It mandates that revenues must be used by cities and counties solely for financing capital projects specified in a capital facilities plan element of a comprehensive plan.