Clarifying the calculation of the real estate excise tax for the transfer of a controlling interest in an entity holding real property.

HB 2009 clarifies how Washington's real estate excise tax is calculated when selling a controlling interest (like majority ownership) in a company that owns real estate in the state. It specifies that the tax is based on the true value of the real property multiplied by the percentage of the controlling interest being sold, rather than the total sale price of the company. If the property's value can't be determined, the tax uses the county's property tax assessment value at the time of sale. This applies directly to businesses and individuals transferring ownership stakes in real estate-holding entities, ensuring consistent tax calculation for these transactions. The bill takes effect August 1, 2025.