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Committee hears HB 1376 to allow prepayment of capital gains tax; no revenue impact projected
Summary
HB 1376 would allow taxpayers to prepay capital gains tax up to six months early with no net revenue impact; staff said earliest allowable prepayment is Oct. 15 and estimated Department of Revenue implementation costs of $97,000 in the current biennium.
House Bill 1376, which would authorize taxpayers to prepay Washington capital gains tax up to six months before the current due date, was briefed Jan. 29 in the Senate Ways and Means Committee. Staff said the bill’s earliest allowable prepayment date would be Oct. 15 and that the change would shift timing but not increase net revenue for the state.
Committee staff reported that the Department of Revenue would incur implementation costs estimated at $97,000 in the current biennium and $197,000 over four years. A public witness testified in opposition on principle, calling the change a tax that penalizes individual success.
The committee closed public testimony on HB 1376 and did not take final action during the meeting.
