No change in beneficial owner

From the 2024 DOR Tax Exemption Study

82.45.010(3)(p) - No change in beneficial owner Description Transfers of real property that are a mere change in form of ownership are exempt from the state and local real estate excise tax. Such transfers include those of a business wholly owned by the person making the transfer and his or her family members, provided there is no change in beneficial ownership as a result of the transfer. Purpose To allow the tax-free transfer of property to a business entity in circumstances where the transferor or transferors are closely related and receive ownership interests in the entity in the same proportion as their ownership in the real property. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $209.600 $243.800 $266.600 $313.500 Local Taxes $77.300 $87.300 $98.700 $113.500 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $219.600 $266.600 $313.500 Local Taxes $0.000 $78.700 $98.700 $113.500 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the REET g