Capital-gains tax legislation moves closer to passage

Discussion about a proposed gains tax to be assessed on the sale of certain real estate, stocks and businesses.
Troy Kirby for The JOLT
Posted

The Journal of Olympia, Lacey & Tumwater Presents The Daily Legislative Report, covering The 2021 Washington State Legislature.

  • For two days, House lawmakers debated Engrossed Substitute Senate Bill 5096, which would create a capital gains tax on those selling stocks, bonds, and would apply to sales of businesses.
  • The bill passed the Senate on March 6, by a vote of 25-24.
  • It passed the House 52-46 on April 21. The bill will now go into a matter of concurrence between the Senate and House on amendments, and if passed, will head to the Governor’s office to be potentially signed into law.
  • The legislation is controversial, as it has failed by referendum 10 times and is delared by some legislators to be illegal by state constitution, and would likely wind up as a state Supreme Court matter prior to implementation.

For more complete information on any legislation, including sponsors, a synopsis, and fiscal note, visit the Washington State Legislature’s bill information webpage.

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  • AJoytoknow

    So glad it passed and people like Troy Kirby will have to pay something closer to a fair share. Disappointed however that it seems like the money gained will go to schools rather than building truly affordable housing that is desperately needed in Washington state. Business owners and developers are too far out of step with the average Washingtonian, thinking that in this state it's progressive to be paying 15 an hour (or at least phasing it in) while the number of people without homes rises every year. Could it be 15 an hour min wage is not enough to pay the cost of living in Washington? Wouldn't capital gains tax be better used helping people in the here and now who are desperate to have a decent life in decent truly affordable housing? Our schools are already doing pretty well compared to many other states, our homeless population is going up every year. Shameful.

    Wednesday, May 12, 2021 Report this