RCW 84.36.049
Application- 2024 c 273 : "This act applies to taxes levied for collection in 2025 and thereafter." [2024 c 273 s 3.]
Application- 2019 c 361 : "This act applies to taxes levied for collection in 2020 and thereafter." [2019 c 361 s 3.]
Application- 2018 c 103 : "This act applies to taxes levied for collection in 2019 and thereafter." [2018 c 103 s 3.]
Tax preference performance statement- 2024 c 273; 2019 c 361; 2018 c 103; 2016 c 217 : "(1) This section is the tax preference performance statement for the tax preference contained in chapter 273, Laws of 2024, chapter 361, Laws of 2019, chapter 103, Laws of 2018, and chapter 217, Laws of 2016. This performance statement is only intended to be used for subsequent evaluation of the tax preference. It is not intended to create a private right of action by any party or be used to determine eligibility for preferential tax treatment.
(2) The legislature categorizes this tax preference as one intended to provide tax relief for certain businesses or individuals, as indicated in RCW 82.32.808(2)(e).
(3) It is the legislature's specific public policy objective to encourage and expand the ability of nonprofit low-income housing developers to provide homeownership opportunities for low-income households. It is the legislature's intent to exempt from taxation real property owned by a nonprofit entity for the purpose of building residences to be sold, or, in the case of land, to be leased for life or 99 years or to be sold for use in mutual self-help housing development, to low-income households in order to enhance the ability of nonprofit low-income housing developers to purchase and hold land for future affordable housing development.
(4)(a) To measure the effectiveness of the tax preferences provided in RCW 84.36.049 in achieving the specific public policy objectives described in subsection (3) of this section, the joint legislative audit and review committee must evaluate, two years prior to the expiration of the tax preference: (i) The annual growth in the percentage of revenues dedicated to the development of affordable housing, for each nonprofit and qualified cooperative association claiming the preference, for the period that the preference has been claimed; and (ii) the annual changes in both the total number of parcels qualifying for the exemption and the total number of parcels for which owner occupancy notifications have been submitted to the department of revenue, from June 9, 2016, through the most recent year of available data prior to the committee's review.
(b) If the review by the joint legislative audit and review committee finds that for most of the nonprofits and qualified cooperative associations claiming the exemption, program spending, program expenses, or another ratio representing the percentage of the nonprofit entity's and qualified cooperative association's revenues dedicated to the development of affordable housing has increased for the period during which the exemption was claimed, then the legislature intends to extend the expiration date of the tax preference.
(5) In order to obtain the data necessary to perform the review in subsection (4) of this section, the joint legislative audit and review committee may refer to:
(a) Initial applications for the preference as approved by the department of revenue under RCW 84.36.815;
(b) Owner occupancy notices and notices of property transfers reported to the department of revenue under RCW 84.36.049;
(c) Annual financial statements for a nonprofit entity or qualified cooperative association claiming this tax preference, as defined in RCW 84.36.049, and provided by nonprofit entities or qualified cooperative associations claiming this preference; and
(d) Any other data necessary for the evaluation under subsection (4) of this section." [2024 c 273 s 2; 2019 c 361 s 2; 2018 c 103 s 1; 2016 c 217 s 1.]
Application- 2016 c 217 : "This act applies to taxes levied in 2016 for collection in 2017 and thereafter." [2016 c 217 s 9.]