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Capital gains tax produced uneven receipts; staff showed large forecast revisions
Summary
Staff told the committee the capital gains tax created in 2021 produced collections that exceeded initial forecasts in year one and fell short of the elevated projections in year two, producing large forecast revisions.
Jeff Mitchell briefed the committee on Washington’s capital gains tax and the volatility in early collections.
Mitchell said the 2021 measure (read in the transcript as "gross substitute Senate Bill 5,096") established a 7% tax on the sale or exchange of long‑term capital assets and that the tax applies to individuals, with pass‑through entities potentially being implicated when individuals own interests in partnerships or LLCs.…
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