H-1965.2
HOUSE BILL 2046
State of Washington
69th Legislature
2025 Regular Session
By Representatives Berg, Street, Santos, Peterson, Fosse, Pollet, Ryu, Ormsby, Parshley, Macri, Gregerson, Berry, Wylie, Doglio, Farivar, Reed, Reeves, Hill, Scott, Callan, and Ramel
Read first time 03/24/25. Referred to Committee on Finance.
AN ACT Relating to creating fairness in Washington's tax code to support Washington families and fund vital investments in K-12 schools by imposing a tax on select financial intangible assets valued at more than $50,000,000; amending RCW 82.32.160 , 43.135.034 , and 82.32.655 ; adding a new Title to the Revised Code of Washington to be codified as Title 84A RCW; creating new sections; and prescribing penalties.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. INTENT. To help meet the state's paramount duty of amply providing every child in the state with an education, the legislature intends to levy a tax of $8 on every $1,000 of the true and fair value of financial intangible assets, such as publicly traded corporate stocks. The legislature intends to exempt certain assets from the tax including, but not limited to, the first $50,000,000 in true and fair value of taxable assets, ownership interests in and stocks of privately held companies, pensions, 529 education savings accounts, and retirement accounts. The legislature intends for revenues to be dedicated to the education legacy trust account for the support of common schools, expanding access to higher education, investing in early learning and child care programs, and supporting other educational improvement efforts.
The legislature finds that funding common schools, early learning, and higher education programs is central to building a strong Washington. As everyday costs rise, the demand for basic needs rises, and the certainty of federal funds diminishes, it is more important than ever that our tax structure becomes more fair and sustainable.