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Legislation watch
2017 Senate Bill 5111: Enacting an excise tax on capital gains to improve the fairness of Washington's tax system and provide funding for the education legacy trust account
Introduced by Sen. John Braun (Centralia) (R) on January 12, 2017
Referred to the Senate Ways & Means Committee on January 12, 2017
Referred to the Senate Rules Committee on February 24, 2017
Motion in the Senate on March 23, 2017
Motion to suspend the rules and advance the measure to 3rd Reading and Final Passage. (two-thirds required).
Amendment offered by Sen. John Braun (Centralia) (R) on April 21, 2017
A 7 percent tax is imposed on the adjusted capital gain of an individual for the privilege of selling or exchanging long-term capital assets, or receiving Washington capital gains. This tax also applies to beneficial owners who are individual owners of long-term capital assets held by pass through, or other disregarded entity, to the extent the individual's ownership interest in the entity is reported for federal tax purposes. A "Washington capital gain" is defined as an individual's adjusted capital gains allocated to this state less $25,000 for an individual, or $50,000 if filing jointly.
The amendment passed by voice vote in the Senate on April 21, 2017