Bill > HB1319

This bill establishes a new wealth tax in Washington state, imposing a 1% annual tax on a resident's worldwide financial intangible assets (such as stocks, bonds, options, and futures contracts) that exceed $100 million. Beginning in January 2026 for taxes due in 2027, the tax will apply to approximately 3,400 of the state's wealthiest residents, with the goal of generating revenue for the state's general fund and reducing the regressivity of Washington's tax system. The bill provides detailed definitions of taxable assets, including exemptions for non-financial intangible assets and the first $100 million of financial assets for each taxpayer. Taxpayers must file annual returns by April 15th, reporting their worldwide wealth as of December 31st of the previous year, with penalties for late filing or underreporting. The legislation includes provisions for innocent spouse relief, a credit for similar wealth taxes paid to other states, and enforcement mechanisms such as mandatory audits of 10-20% of registered taxpayers. The bill aims to address wealth inequality by targeting only the top 10% of wealth holders, who currently own 60% of all wealth nationally, and to support essential state services like education, healthcare, and public safety.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1319&Year=2025&Initiative=false