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Appropriations hears technical, administrative changes to capital gains tax in SB 5314
Summary
Department of Revenue staff briefed the committee on technical corrections to the Washington capital gains tax in Substitute SB 5314; the bill clarifies filing forms, adjusts the B&O credit into a capital‑gains credit, and makes other administrative changes; revenue and IT impacts were described as indeterminate.
The Appropriations Committee received a staff briefing and public testimony on Substitute Senate Bill 5314, a companion to House Bill 1614, which makes administrative clarifications and technical corrections to Washington’s capital gains tax.
Tracy Taylor (finance committee staff) and Sydney Jeffries (committee staff) briefed the committee on the bill’s scope: clarifying which federal forms to include in Washington capital gains filings, adjusting the computation of adjusted capital gain to account for long‑term capital…
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