SB 5486: Wealth/property tax
Investing in Washington families and creating a more fair tax system by enacting a narrowly tailored property tax on extreme wealth derived from the ownership of stocks, bonds, and other financial intangible property.
Summary
- Establishes a 1 percent tax on financial intangible assets in excess of $250 million.
From the Senate Bill Report (Orig.) (SB 5486), written by the Legislature's nonpartisan staff. Read the full report ↗
- IntroducedJan 20, 2023
- Out of committeestopped here
- Passed Senate
- Passed House
- Governor
- Law
- Prime sponsor
- Noel Frame (D-36)
- Introduced
- January 20, 2023 in the Senate
- Last action
- January 8, 2024
- Companion bill
- HB 1473
- Budget
- Has a fiscal note
AN ACT Relating to investing in Washington families and creating a more fair tax system by enacting a narrowly tailored property tax on extreme wealth derived from the ownership of stocks, bonds, and other financial intangible property;
Sponsors
Prime sponsor: Noel Frame (D-36)
18 co-sponsors (18 Democrats, 0 Republicans)
Votes
No recorded floor votes. This measure never reached a floor vote.
History
- By resolution, reintroduced and retained in present status.
- First reading, referred to Ways & Means.
SB 5486 in other sessions
Bill numbers restart every two years, so the same number is a different bill in each session.
- SB 5486 (2025–26) Motion picture captioning
- SB 5486 (2021–22) Legal financial obligations
- SB 5486 (2019–20) Dwarfism/exploitation
- SB 5486 (2017–18) Innovative supp. contracts
- SB 5486 (2015–16) Parents for parents program
- SB 5486 (2013–14) Offender confinement options
- SB 5486 (2011–12) Taxpayer savings account
- SB 5486 (2009–10) Lakes mgmt strategic plan