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Washington State Capital Gains Legislation

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The Washington State Senate and House of Representatives have recently introduced separate legislative bills incorporating new capital gains taxes on individuals.  Highlights of these bills include the following:

  • In the Senate (SB 6102, 6104 and 8206)
    • 7% tax on an individual’s net long-term capital gains
    • Deduction thresholds of $500,000 for joint filers, $250,000 for other filers
    • Exemptions for certain transactions, including the sale or exchange of residential real property and assets held in retirement accounts
  • In the House (HB 2224)
    • 5% tax on individual’s net long-term capital gains
    • Deduction thresholds of $50,000 for joint filers, $25,000 for other filers
    • Exemptions for certain transactions, including the Federally exempt gain on the sale of a principal residence and assets held in retirement accounts

Both sets of proposals are currently being considered in their respective committees (Ways and Means/Finance).


     

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