Call for Action!

In Olympia today, the House of Representatives released a proposed new budget and tax plan that includes significant new taxes on both REALTORS® and real estate.



All-Member Call to Action

- The proposed 20% increase in the state B&O tax for service businesses only furthers the regressive nature of how the state taxes small businesses.    While the proposal includes an increase in the small business tax credit, the structure of the state’s small business B&O tax credit does not currently apply to REALTORS®.  

- A state capital gains tax would apply to average families during the one year in their lives when they sell a family cabin or rental property.  Properties like these are sold to pay for college, fund retirement, or deal with unexpected events like divorce or extraordinary health care costs.

- While the budget announcement compares the Capital Gains proposal to the structure of capital gains structure in states like Mississippi, Alabama, and Utah – this comparison is illogical.  This is because neither Utah nor Mississippi impose any real estate excise tax on sales!  The capital gains tax in those states is instead of, not in addition to, a real estate excise tax.  Alabama’s real estate excise tax applies only to the gain – not to the entire sales price like Washington State’s real estate excise tax.

- The real estate industry is just recovering from the recession, but is still fragile in many parts of the state.

We are urging you to contact your Legislators in Olympia to tell them to oppose tax increases that are directed at real estate and homeowners.



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