Bill > HB1601

This bill amends the Washington State capital gains tax law to add a new deduction for victims of certain crimes. Specifically, the bill allows taxpayers to deduct the amount of monetary or capital assets lost due to criminal acts involving fraud, theft, or other specified criminal offenses (as outlined in chapters 9.35, 9.38, 9.45, 9A.60, and 9A.90 of the Revised Code of Washington). To qualify for this deduction, the criminal act must have involved inducing the sale of a capital asset, and the taxpayer must provide documentation such as a police report to substantiate the claim. The bill applies both retroactively and prospectively, meaning it can be used for past and future capital gains tax filings. The legislation is designed to provide financial relief to individuals who have been financially harmed by specific types of criminal activities, offering them a tax benefit to help offset their losses. The bill takes effect immediately and is considered necessary for the public peace, health, safety, and support of the state government.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1601&Year=2025&Initiative=false