Join us in Frankfurt 12 February for a one of a kind Mobility Summit
The Washington State legislature has passed and sent to its governor for signature S.B. 5998, http://lawfilesext.leg.wa.gov/biennium/2019-20/Pdf/Bills/Senate%20Passed%20Legislature/5998-S.PL.pdf, which changes the current 1.28% real estate excise tax to a progressive structure, with different tax rates depending on the value of the property.
Under the new law, the tax on the portion of the sale price up to $500,000 would be reduced to 1.1%. It would remain at 1.28% for the portion of the sale price between $500,000 and $1.5 million and increase to 2.75% for the portion of the sale price from $1.5 million to $3 million, and to 3% for any portion of sale price exceeding $3 million. The current tax would remain in effect through December 31, 2019, with the new regime beginning on January 1, 2020. As before, the seller is responsible for the tax.
Beginning in 2022, the price thresholds above would be adjusted for inflation.
It is expected that the governor will sign the bill.
How This Impacts Mobility
For all homes bought and sold in Washington State, the transfer cost will change beginning in 2020. For homes below a sale price of $1.5 million, the tax will be lower, saving companies money in their home purchase programs.
Worldwide ERC® continues to monitor the impact of the Tax Cuts and Jobs Act on talent mobility programs and policies.
Worldwide ERC®’s Government Affairs Forums meet routinely to keep Worldwide ERC® members up-to-date on issues affecti...
The Supreme Court of Appeal of South Africa ruled that payments made by an amployer for consulting services such as t...
Sign up and receive the latest mobility news, articles, education and more as soon as it’s published.
Mobility is Worldwide ERC®’s monthly magazine, delivering industry and business news and updates, as well as insights on global talent mobility programs, tips and trends.
The Worldwide ERC community is the largest and most engaged group of mobility experts on the planet.