HB2009 clarifies the calculation of the real estate excise tax for transfers of controlling interests in entities holding real property in Washington.

HB2009 amends the definition of "selling price" in Washington's real estate excise tax law. It specifies that the selling price for a transfer of a controlling interest in an entity holding real property is the true and fair value of the real property multiplied by the percentage of the controlling interest being transferred. If the true and fair value cannot be determined, the market value assessment from county property tax rolls will be used.

HB2009 clarifies the calculation of the real estate excise tax for transfers of controlling interests in entities holding real property in Washington.

HB2009 amends the definition of "selling price" in Washington's real estate excise tax law. It specifies that the selling price for a transfer of a controlling interest in an entity holding real property is the true and fair value of the real property multiplied by the percentage of the controlling interest being transferred. If the true and fair value cannot be determined, the market value assessment from county property tax rolls will be used.