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Bill > SB5096
WA SB5096
WA SB5096Concerning an excise tax on gains from the sale or exchange of certain capital assets.
summary
Introduced
01/11/2021
01/11/2021
In Committee
04/16/2021
04/16/2021
Crossed Over
03/06/2021
03/06/2021
Passed
04/26/2021
04/26/2021
Dead
Signed/Enacted/Adopted
05/04/2021
05/04/2021
Introduced Session
2021-2022 Regular Session
Bill Summary
AN ACT Relating to investing in Washington families and creating a more progressive tax system in Washington by enacting an excise tax on the sale or exchange of certain capital assets; amending RCW 83.100.230; adding a new section to chapter 82.04 RCW; adding a new 5 chapter to Title 82 RCW; creating new sections; and prescribing penalties.
AI Summary
This bill imposes a 7% excise tax on the sale or exchange of long-term capital assets, with certain exemptions, in order to fund K-12 education, early learning, and child care. The revenues from the tax will be distributed to the education legacy trust account and the common school construction account. The bill also provides deductions for qualified family-owned small businesses, charitable donations, and real estate transactions. The bill requires taxpayers to file returns and pay the tax electronically, and includes penalties for non-compliance. The bill also provides for annual adjustments to certain amounts based on the consumer price index.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Effective date 7/25/2021. (on 05/04/2021)
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