Governor proposes 66% increase in real estate brokerage taxes
In his budget proposal released today, Governor Jay Inslee proposed a number of new and increased taxes totaling $4 billion over two years. The proposal includes a 66% increase in the B&O tax imposed on real estate services. The B&O tax is paid by real estate professionals on the gross receipts, generally commissions, collected by the real estate brokerage office.
“This increased tax burden on salespeople, independent contractors, is significant,” said Sam DeBord, 2017 President of the Seattle King County REALTORS®. “We endured an increase in the B&O tax in 2010 for four years, in order to address a budget shortfall during the recession. The same conditions don’t apply today, so we will encourage the legislature to reject this proposal.”
The legislature will convene in January to adopt a biennial budget. REALTOR® members are encouraged to come to Olympia on “Hill Day”, January 19, 2017, to share their views with the legislature on real estate issues. Registration for this one day event, which includes national speakers and visits to the capitol building, is now open at: https://www.warealtor.org/events/conferences/2017/legislative-day
Hill Day Registration – Thursday, January 19th: $50 and a late registration of $75 after January 12th, first-time attendees are complimentary for Hill Day
The Hill Day registration fee includes meeting materials, Hill Day box lunch, shuttle transportation between the Red Lion Hotel and Legislative Reception, and admittance to the Legislative Reception.