SPOKANE, Wash. — As the votes stand right now, Washingtonians are voting to reject Initiative 2109.
Initial results show 36.62% of people voted "Yes" to the initiative, whereas 63.38% of people voted "No" to the initiative.
Initiative 2109 would repeal the 7% capital gains excise tax imposed on sales and exchanges of long-term capital assets by individuals with capital gains over $250,000.
The Washington State Legislature passed legislation creating the capital gains tax in 2021. It took effect on January 1, 2022, with the first payments coming due on April 18, 2023. Revenue from the tax was set to be deposited in the education legacy trust account and the common school construction account.
If passed, I-2109 would repeal the capital gains excise tax on long-term capital assets by individuals with capital gains over $250,000.
If rejected, I-2109 would allow the capital gains excise tax to be imposed on long-term capital assets by individuals with capital gains over $250,000.
You can view the latest numbers on the race down below.