Document dated Apr. 23, 2025, was received on Apr. 30, 2025 due to a fixed feed.
Bill Provisions
Replaces the business and occupation tax credit with a capital gains tax credit.
Makes technical corrections in way that does not affect State or local tax collections.
Updates long-term capital loss carryforwards effect on Washington capital gains tax.
Modifies the tax treatment of spouses and domestic partners for better consistency.
Amends and adds definitions, creates late payment penalty waiver, updates credit for taxes paid in other jurisdictions; adds new requirement for brokers/barter exchanges.
Modifies distributions of moneys to the following fiscal year instead of calendar year.
Also modifies publication schedule for inflation adjustments; adds a nonclaim period.
Legislative History
On Jan. 16, 2025, bill introduced in the Senate; on Mar. 3, 2025, bill passed Senate.
On Mar. 5, 2025, bill introduced into House; on Apr. 11, 2025, bill passed House.
On Apr. 18, 2025, Senate concurred amendments; on Apr. 23, 2025, sent to governor.
Effectiveness
Upon approval, provisions of the act will come into effect Jul. 27, 2025.
Except for sections 3, 4, 8, 10, and 15, which take effect Jan. 1, 2026.
May 2025 WAS LEG Governor Approval
On May 20, 2025, WAS LEG reported governor signed bill, assigned Chapter 409.
Document dated May 20, 2025, was added on Jun. 10, 2025, due to editorial backfill.
