OLYMPIA, Wash. — The Washington secretary of state certified an initiative to end the state's capital gains tax.
It will now be sent to the state legislature for consideration. If lawmakers reject it or don't take any action, the initiative would go on the ballot, possibly as soon as November.
The tax took effect July 25, 2021. However, taxes were not imposed until Jan. 1, 2022.
The tax includes exemptions for all real estate, retirement accounts, livestock, agricultural land, fishing privileges, family-owned small businesses, and more. It is estimated to affect about 7,000 of the state's wealthiest taxpayers.
Revenues collected from the tax are deposited in the Education Legacy Trust and Common School Construction Account. The money will be used to fund investments in K-12 education, childcare and early learning.
The Washington state Legislature imposed the tax, without voter approval, in 2021. Gov. Jay Inslee signed the tax into law in May 2021.
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