UPDATE ON PROPOSED B&O TAX ON RENTAL INCOME BY OUR NEW GOVERNOR

UPDATE ON PROPOSED B&O TAX ON RENTAL INCOME BY OUR NEW GOVERNOR

Here is some great news from our consultant on the ground in Olympia, Joe Puckett.

AHMA and CARH Members........ and Landlords of WA State:

The State House of Representatives released its budget late this morning and I am pleased to inform you that there is no proposed tax on rental income – commercial or multi-family. Unlike the Governor’s proposal which would have taxed rental income at 1.8%, the House proposal and the Senate proposal do not provide for such a tax.

We will continue to work on a daily basis in Olympia with lawmakers as they negotiate a final budget, but for now it seems our message has been heard with the House and Senate. Even the Governor has toned down his proposal and is suggesting a tax only on commercial property rental income. We still have concerns with that proposal and are working with the Governor’s office to urge they drop any proposal that taxes any kind of rental income, but clearly this latest development is a step in the right direction for the multi-family housing industry.  

I would like to thank those of you who contacted your lawmakers urging them to oppose any tax on rental income, your voice and your message is essential to our progress in Olympia.

We will continue to update you as developments arise.

Joe Puckett

supply By RD House Real Estate & Property Management INC