WA People
BILL · 2025–26 SESSION · LATEST VERSION ESB 5797

SB 5797: Intangible assets tax

Enacting a tax on stocks, bonds, and other financial intangible assets for the benefit of public schools.

Summary

  • Establishes a tax at a rate of $5.00 per $1,000 of the true and fair value on certain financial intangible assets on the portion of assets owned by a Washington resident in excess of $50 million.

From the Engrossed Senate Bill Report (ESB 5797), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House
  1. IntroducedMar 21, 2025
  2. Out of committeeApr 19, 2025
  3. Passed SenateApr 27, 2025
  4. Passed Housestopped here
  5. Governor
  6. Law
Prime sponsor
Noel Frame (D-36)
Introduced
March 21, 2025 in the Senate
Last action
January 12, 2026
Budget
Has a fiscal note
Versions
SB 5797, ESB 5797, SSB 5797

AN ACT Relating to enacting a wealth tax on stocks, bonds, and other financial intangible assets for the benefit of public schools;

Sponsors

Prime sponsor: Noel Frame (D-36)

14 co-sponsors (14 Democrats, 0 Republicans)

Manka Dhingra D-45Emily Alvarado D-34Jessica Bateman D-22Bob Hasegawa D-11Liz Lovelett D-40T'wina Nobles D-28Jamie Pedersen D-43Bill Ramos D-5Marcus Riccelli D-3Derek Stanford D-1Yasmin Trudeau D-27Javier Valdez D-46Lisa Wellman D-41Claire Wilson D-30

Votes

Senate · 3rd Reading & Final Passage

Passed April 27, 2025
Version voted on: ESB 5797
26 Yea 21 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat26300
Republican01801
How each member voted

Excused (1)

Permalink to this vote

History

  1. Rules Committee relieved of further consideration. On motion, referred to Ways & Means. (ESB 5797)
  2. By resolution, reintroduced and retained in present status. (ESB 5797)
  3. 1st substitute bill not substituted. (SSB 5797)
  4. By resolution, returned to Senate Rules Committee for third reading. (ESB 5797)
  5. 1st substitute bill not substituted. (ESB 5797)
  6. Rules suspended. Placed on Third Reading. (ESB 5797)
  7. Floor amendment(s) adopted. (ESB 5797)
  8. Third reading, passed; yeas, 26; nays, 21; absent, 0; excused, 1. (ESB 5797)
  9. First reading, referred to Finance. (ESB 5797)
  10. Placed on second reading by Rules Committee. (SSB 5797)
  11. Passed to Rules Committee for second reading. (SSB 5797)
  12. Passed to Rules Committee for second reading. (ESB 5797)
  13. Placed on second reading by Rules Committee. (ESB 5797)
  14. Minority; do not pass. (SSB 5797)
  15. WM - Majority; 1st substitute bill be substituted, do pass. (SSB 5797)
  16. Minority; without recommendation. (SSB 5797)
  17. Minority; without recommendation. (ESB 5797)
  18. WM - Majority; 1st substitute bill be substituted, do pass. (ESB 5797)
  19. Minority; do not pass. (ESB 5797)
  20. First reading, referred to Ways & Means. (ESB 5797)

SB 5797 in other sessions

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

Report wrong or missing information on this page