NEW WA CAPITAL GAINS TAX

[Lee B]

The Senate passed a new excise tax on capital gains which was sent to Governor Inslee for signature on 4/27.

This new bill would apply to both:

Washington residents with long-term capital gains

Out-of-state resident’s capital gains arising from the sale of tangible personal property located in Washington State.

[Corduroy Frog]

Mr. Lee, you do a great job of bringing current IRS and other issues to the forefront as soon as they become available.  Thanks.

[DANRVAN]

The bill is full of exemptions from special interest lobbyist including: real estate, auto dealerships (goodwill), timber, agriculture and other "small business".

There is a $250,000 general exemption.

Sounds like the main target will be sales of stock, bonds,...etc.

I have a few Washington clients that were former Oregon residents, most likely they will not feel the 7% sting.