RACHEL LA CORTE

Associated Press

OLYMPIA (AP) — Senate Democrats have passed a key tax bill that appears to be part of a budget deal that has not yet been made public.

Budget writers in the Democratic-led House and Senate announced Thursday afternoon that they had reached a tentative agreement on a new two-year state budget, but that it wouldn't be made public until details were finalized, likely Saturday. But late Thursday night, the Senate brought up a tax bill that was part of their original plan, a change to the real estate excise tax that they have reconfigured and say will bring in about $600 million dollars over the next four years.

They passed it on a 26-22 vote after 11 p.m. Lawmakers in Olympia have been criticized for years for holding important votes late at night and not giving people time to review details on key legislation.

Currently, all property sellers pay a flat 1.28 % rate. Under the bill passed by the Senate Thursday night, the rate is reduced to 1.1 % for homes that sell for $500,000 or less.

A new graduated rate applies for homes that sell between $500,000 and $1.5 million, with the new lower rate applying to the first $500,000, and the 1.28 % rate applying to the portion that is greater than $500,000 up to $1.5 million. The rate increases to 2.75 % for the portion of sales valued between $1.5 million and $3 million, and it rises to 3 % for homes where the portion of the selling price is more than $3 million.

The Senate and House had each previously passed their own underlying budget plans but funding bills had been on hold as both chambers worked to negotiate a final plan.

In a joint statement released Thursday, Sen. Christine Rolfes and Rep. Timm Ormsby said they were working with their fiscal teams to finalize details.

The Senate had originally been seeking more than $500 million in new revenue to fund an underlying $52.2 billion budget, while the House had sought $1.4 billion in new revenue for its $52.8 billion proposal.

The 105-day-legislative session is scheduled to end Sunday. If lawmakers are unable to pass the budget before midnight Sunday, the Legislature will have to go into a special session.