Washington House passes capital gains tax in final days of session, and send back to Senate

Washington House passes capital gains tax in final days of session, and send back to Senate
by Callie Craighead, SeattlePI
© @ Didier Marti/Getty Images
The capitol building in Olympia, Washington.
On day 101 of 105 in Washington's legislative session, the House of Representatives approved a new capital gains tax in a tight 52-46 vote.
Passed by the Senate in March in another narrow vote, Engrossed Substitute Senate Bill 5096 would impose a new 7% tax on certain capital gains income including profits from selling long-term assets such as stocks and bonds totaling more than $250,000 beginning in 2022. Earned income from salaries and wages are not considered capital gains, and retirement accounts, home sales and businesses grossing less than $10 million a year would not be subject to this tax.

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