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Committee reviews technical changes to Washington capital gains tax; DOR seeks clarity and penalty relief authority
Summary
Staff and Department of Revenue representatives described technical amendments to the state capital gains tax, including treatment of section 1256 contracts, narrowing required federal attachments, clarifying family‑owned business holding periods, and creating limited penalty waiver authority for late payments.
Jeff Mitchell, staff to the Senate Ways & Means Committee, briefed members Jan. 28 on Senate Bill 5314, a Department of Revenue request bill containing technical corrections and clarifications to the Washington capital gains tax enacted earlier.
Mitchell described several significant changes in the draft: when a federal Section 1256 contract (for example, certain futures or foreign currency contracts) is actually sold after being held more than one year, the bill would allow treatment of the entire…
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