The tax only applies to allocated gains to Washington state.
The 2021 Washington State Legislature passed ESSB 5096 (RCW 82.87) which creates a 7% tax on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets.
Capital gains taxes on business investments will affect how much capital they will net to run their business.
This tax only applies to individuals. However, individuals can be liable for the tax because of their ownership interest in a pass-through or disregarded entity that sells or exchanges long-term capital assets. The tax only applies to gains allocated to Washington state.
There are several deductions and exemptions available that may reduce the taxable amount of long-term gains, including an annual standard deduction of $250,000 per individual. In the case of spouses or domestic partners, the combined standard deduction is limited to $250,000 whether they file joint or separate returns.
The tax took effect on Jan. 1, 2022, and the first payments are due on or before April 18, 2023.
The revenue collected from this tax will fund the education legacy trust account and common school construction account.
You will need a dor.wa.gov SAW USER ID and Password to file the return
Returns will need to be filed directly on the Washington DOR website.
See more at this link here: https://dor.wa.gov/taxes-rates/other-taxes/capital-gains-tax
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