Washington Code 82.45.230 – Accounts into which tax is deposited
Current as of: 2023 | Check for updates
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(1) Beginning January 1, 2020, and ending June 30, 2023, the amounts received for the tax imposed on each sale of real property under RCW 82.45.060 must be deposited as follows:
Terms Used In Washington Code 82.45.230
- Legacy: A gift of property made by will.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(a) 1.7 percent must be deposited into the public works assistance account created in RCW 43.155.050;
(b) 1.4 percent must be deposited into the city-county assistance account created in RCW 43.08.290;
(c) 79.4 percent must be deposited into the general fund; and
(d) The remainder must be deposited into the educational legacy trust account created in RCW 83.100.230.
(2) Beginning July 1, 2023, and thereafter, the amounts received for the tax imposed on each sale of real property under RCW 82.45.060 must be deposited as follows:
(a) 5.2 percent must be deposited into the public works assistance account created in RCW 43.155.050;
(b) 1.4 percent must be deposited into the city-county assistance account created in RCW 43.08.290;
(c) 79.4 percent must be deposited into the general fund; and
(d) The remainder must be deposited into the education legacy trust account created in RCW 83.100.230.
[ 2019 c 424 § 2.]
NOTES:
Automatic expiration date and tax preference performance statement exemption—Effective date—2019 c 424: See notes following RCW 82.45.060.