WA People
BILL · 2021–22 SESSION · LATEST VERSION SHB 1406

HB 1406: Wealth tax

Improving the equity of Washington state's tax code by creating the Washington state wealth tax and taxing extraordinary financial intangible assets.

Summary

  • Establishes a 1 percent wealth tax on intangible financial assets of more than $1 billion.

From the House Bill Report (HB 1406), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedJan 27, 2021
  2. Out of committeestopped here
  3. Passed House
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Noel Frame (D-36)
Introduced
January 27, 2021 in the House
Last action
January 10, 2022
Companion bill
SB 5426
Budget
Has a fiscal note
Versions
HB 1406, SHB 1406

AN ACT Relating to improving the equity of Washington state's tax code by creating the Washington state wealth tax and taxing extraordinary financial intangible assets;

Sponsors

Prime sponsor: Noel Frame (D-36)

25 co-sponsors (25 Democrats, 0 Republicans)

Pat Sullivan D-47Timm Ormsby D-3Lillian Ortiz-Self D-21Steve Kirby D-29Lauren Davis D-32Jessica Bateman D-22Javier Valdez D-46Shelley Kloba D-1Gerry Pollet D-46Amy Walen D-48Laurie Dolan D-22Tarra Simmons D-23Eileen Cody D-34Alex Ramel D-40Debra Lekanoff D-40Davina Duerr D-1Cindy Ryu D-32Liz Berry D-36Strom Peterson D-21David Hackney D-11Frank Chopp D-43Nicole Macri D-43Steve Bergquist D-11Marcus Riccelli D-3Kirsten Harris-Talley D-37

Votes

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

History

  1. By resolution, reintroduced and retained in present status. (SHB 1406)
  2. By resolution, reintroduced and retained in present status.
  3. Referred to Appropriations. (SHB 1406)
  4. Referred to Appropriations.
  5. Minority; do not pass. (SHB 1406)
  6. Minority; without recommendation. (SHB 1406)
  7. FIN - Majority; 1st substitute bill be substituted, do pass. (SHB 1406)
  8. FIN - Executive action taken by committee.
  9. FIN - Majority; 1st substitute bill be substituted, do pass.
  10. Minority; without recommendation.
  11. Minority; do not pass.
  12. First reading, referred to Finance.

HB 1406 in other sessions

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

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