WA People
BILL · 2021–22 SESSION

HB 1496: High valued assets tax

Creating a more progressive tax system in Washington by enacting an excise tax on sales and extraordinary profits of high valued assets.

Summary

  • Imposes a 7 percent tax on Washington capital gains realized from the sale of long-term assets that are real property.
  • Imposes a 9.9 percent tax on Washington capital gains realized from the sale of all other long-term assets.
  • Directs the proceeds of the tax to the Fair Start for Kids Account and the State General Fund.

From the House Bill Analysis 2021 (HB 1496), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedFeb 5, 2021
  2. Out of committeestopped here
  3. Passed House
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Tana Senn (D-41)
Introduced
February 5, 2021 in the House
Last action
January 10, 2022
Budget
Has a fiscal note

AN ACT Relating to creating a more progressive tax system in Washington by enacting an excise tax on sales and extraordinary profits of high valued assets;

Sponsors

Prime sponsor: Tana Senn (D-41)

27 co-sponsors (27 Democrats, 0 Republicans)

Amy Walen D-48Lauren Davis D-32Jesse Johnson D-30Alex Ramel D-40Steve Bergquist D-11Nicole Macri D-43Mia Gregerson D-33Tarra Simmons D-23Mike Sells D-38Strom Peterson D-21Jessica Bateman D-22Liz Berry D-36Debra Lekanoff D-40Noel Frame D-36Joe Fitzgibbon D-34Davina Duerr D-1David Hackney D-11Vandana Slatter D-48Steve Kirby D-29My-Linh Thai D-41Frank Chopp D-43Javier Valdez D-46Marcus Riccelli D-3Gerry Pollet D-46Timm Ormsby D-3Kirsten Harris-Talley D-37Monica Jurado Stonier D-49

Votes

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

History

  1. By resolution, reintroduced and retained in present status.
  2. First reading, referred to Finance.

HB 1496 in other sessions

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

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