Action Alert: Oppose HB 1496 - State Capital Gains Tax

Posted By: Chester Baldwin 2021 Legislative Session ,

Urging All WBPA Members: OPPOSE HB 1496

 
HB 1496: Creating a more progressive tax system in Washington by enacting an excise tax on sales and extraordinary profits of high valued assets.
  • Imposes a 7% tax on capital gains for the sale of all real property, with the exception of a primary residence with selling price of $5M or less.
  • The tax applies to individuals earning over $20,000, and couples earning over $40,000 annually.
  • This tax would be in addition to the federal capital gains tax.
Members, this iteration of the proposed capital gains tax in Washington state is even more onerous than the last. Please stand with us and make time to testify or register your opposition!