LIKE WHAT YOU READ? Share this article : Washington State Capital Gains Legislation Written by: Rachel Roberson | April 22, 2015 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). Back to Posts
