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2019 Senate Bill 5129: Increasing revenues for the support of state government
Introduced by Sen. Christine Rolfes (Kitsap County) (D) on January 14, 2019
  Official Text and Analysis.
Referred to the Senate Ways & Means Committee on January 14, 2019
Imposes a 9 percent tax on the sale or exchange of long-term capital assets. Increases the business and occupation tax rate on service-related activities from 1.5 percent to 2.5 percent. A capital gains tax (CGT) is a tax on the profit realized on the sale of non-inventory assets that are purchased at a lower price than the sales price. Common examples would be capital gains realized from the sale of stocks, bonds, mutual funds, boats, and real estate. Under the federal tax code, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income. In addition to the federal tax, capital gains are often subject to state income taxes. Most states do not have separate capital gains tax rates. Instead, most states tax capital gains as ordinary income subject to the state's income tax rates.