Wash. Rev. Code § 82.04.4298

Current through 2024

Section 82.04.4298 - [Effective 1/1/2028] Deductions-Repair, maintenance, replacement, management, or improvement of residential structures and common elements-Eligible organizations

(1) In computing tax there may be deducted from the measure of tax amounts used solely for repair, maintenance, replacement, management, or improvement of the residential structures and common elements, but excluding property where fees or charges are made for use by the public who are not guests accompanied by a member, which are derived by:

(a) A cooperative, corporation, or partnership from a person who resides in a structure owned by the cooperative, corporation, or partnership;

(b) A condominium from a person who is a unit owner; or

(c) A plat community or miscellaneous community from a unit owner.

(2) For the purposes of this section "common elements," "condominium," "cooperative," "plat community," and "miscellaneous community" have the meaning given in RCW 64.90.010.

(3) To qualify for the deductions under this section:

(a) The salary or compensation paid to officers, managers, or employees must be only for actual services rendered and at levels comparable to the salary or compensation of like positions within the county wherein the property is located;

(b) Dues, fees, or assessments in excess of amounts needed for the purposes for which the deduction is allowed must be rebated to the members of the association;

(c) Assets of the association or organization must be distributable to all members and must not inure to the benefit of any single member or group of members.

RCW 82.04.4298

Amended by 2024 c 321,§ 432, eff. 1/1/2028.

1980 c 37 § 18. Formerly RCW 82.04.430(17).

Effective dates- 2024 c 321 s s 319 and 401-432: See note following RCW 64.90.485.

Intent-1980 c 37: See note following RCW 82.04.4281.

This section is set out more than once due to postponed, multiple, or conflicting amendments.