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On May 4, 2021, Washington Governor Jay Inslee signed Senate Bill 5096 ( SB 5096 ) into law, creating a capital gains tax regime in Washington. The bill has had a brief, but colorful journey so far. It appears that the journey is continuing.
Will Washington s capital gains tax be here to stay? At this point, it is anyone s guess.
SB 5096 was originally introduced to the Washington State Senate on January 6, 2021. It was passed by the Senate on March 6, 2021, after a hearing in the Senate Committee on Ways and Means, three readings and some floor amendments. The bill s passage margin in the Senate was narrow, receiving 25 affirmative votes and 24 negative votes.
KUOW - Battle over Washington s budget looms as revenue picture improves
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Battle over Washington s budget looms as revenue picture improves
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Washington lawmakers get good news on state revenues
RACHEL LA CORTE, Associated Press
March 17, 2021
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The capitol building in Olympia, Washington. @ Didier Marti/Getty Images
OLYMPIA, Wash. (AP) Washington s economy continues to improve, with the latest state revenue forecast showing that lawmakers will have more than $3 billion more to work with as they prepare to unveil budget plans next week, plus money the state will receive from the latest federal stimulus package.
Updated numbers by the the Economic and Revenue Forecast Council released Wednesday show that projected revenue collections through mid-2023 are more than $1.9 billion above what had been originally forecasted. And projections for the current budget cycle that ends this summer are now $1.3 billion higher than expected.
Lawmakers want Washington to be the first state to establish a sweetened beverage tax. Author: Drew Mikkelsen Updated: 6:04 PM PST February 22, 2021
OLYMPIA, Wash. Your favorite soda, juice and sweetened coffee drinks would likely get more expensive under the latest tax proposal debated in Olympia.
Modeled after a similar ordinance in Seattle, Senate Bill 5371 would charge beverage distributors 1.75 cents for every ounce of a sweetened drink that has more than 20 calories in a 12-ounce serving. That would make a 12-ounce can of regular soda cost an additional 21 cents.
Bill sponsors said, while other cities and communities around the country have similar taxes, Washington would be the first in the nation to establish a statewide tax on sweet drinks.