Senate passes capital gains tax proposal

Measure that would institute 7% tax on gains above $250,000 now moves to the House

OLYMPIA — On a 25-24 mostly party-line vote, the Senate approved SB5096 on March 6, setting a 7% capital gains tax on profit realized from the sale of non-inventory assets such as stocks, bonds, mutual funds and even boats or artwork set to take effect in 2022 if it also clears the House and is signed by Gov. Jay Inslee.

Depending who you talk to, Saturday’s vote is either a historic move to create more fairness with the state’s tax code or the first steps towards destroying Washington’s business climate.

For those arguing the former during committee hearings, the bill would address the effect...

 

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