WA People
BILL · 2017–18 SESSION

SB 5929: Taxes

Concerning investing in Washington families by improving the fairness of the state's excise tax system by narrowing or eliminating tax preferences, imposing a business and occupation tax surcharge while eliminating tax liability for small businesses, enacting an excise tax on capital gains, modifying the real estate excise tax, making administrative changes, and implementing marketplace fairness in Washington.

Summary

  • Imposes a 7 percent tax on adjusted Washington capital gains.
  • Makes changes to the business and occupation tax (B&O), including imposing a 20 percent surtax on certain activities, increasing the filing threshold, repealing the small business credit, creating a new deduction of $250,000, and repealing several preferential rates.
  • Eliminates or narrows several tax preferences.
  • Reforms the real estate excise tax.
  • Requires the reporting of subcontractor information to the Department of Revenue.
  • Requires marketplace facilitators, referrers, and their sellers to collect and remit sales or use tax, or comply with notice and reporting requirements.

From the Senate Bill Report (Orig.) (SB 5929), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedApr 23, 2017
  2. Out of committeestopped here
  3. Passed Senate
  4. Passed House
  5. Governor
  6. Law
Prime sponsor
Dino Rossi (R-45)
Introduced
April 23, 2017 in the Senate
Last action
January 8, 2018
Budget
Has a fiscal note

AN ACT Relating to investing in Washington families by improving the fairness of the state's excise tax system by narrowing or eliminating tax preferences, imposing a business and occupation tax surcharge while eliminating tax liability for small businesses, enacting an excise tax on capital gains, modifying the real estate excise tax, making administrative changes, and implementing marketplace fairness in Washington;

Sponsors

Prime sponsor: Dino Rossi (R-45)

Votes

No recorded floor votes. This measure never reached a floor vote.

History

  1. By resolution, reintroduced and retained in present status.
  2. By resolution, reintroduced and retained in present status.
  3. By resolution, reintroduced and retained in present status.
  4. By resolution, reintroduced and retained in present status.
  5. First reading, referred to Ways & Means.

SB 5929 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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