Housing Washington prepares to roll out tax break for office-to-housing conversions

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Cities in Washington are eager to see underused office buildings converted to housing.

A new state tax break could help. The Legislature approved a law this year to allow developers to defer sales and use taxes if they convert existing structures, like office buildings, into affordable housing.

The Department of Revenue last week continued the process of finalizing the rules for how that incentive would work. It said it anticipates having preliminary guidance in August. Cities could start implementing the program after that.

“We support rapid completion of the rulemaking process and are prepared to put the provisions of the law to use once it’s fully enacted,” said Andrew Rolwes, vice president of the Downtown Spokane Partnership.

https://washingtonstatestandard.com/2024/07/29/washington-prepares-to-roll-out-tax-break-for-office-to-housing-conversions/