S-1722.1
SUBSTITUTE SENATE BILL 5314
State of Washington
69th Legislature
2025 Regular Session
By Senate Ways & Means (originally sponsored by Senators Stanford, Harris, and Nobles; by request of Department of Revenue)
READ FIRST TIME 02/20/25.
AN ACT Relating to modifying the capital gains tax under chapter 82.87 RCW and related statutes by closing loopholes, replacing the business and occupation tax credit with a capital gains tax credit, clarifying ambiguities and making technical corrections in a manner that is not estimated to affect state or local tax collections, modifying the credit for taxes paid in other jurisdictions, treating spouses and domestic partners more consistently, modifying and adding definitions, creating a late payment penalty waiver, modifying the publication schedule for inflation adjustments, modifying the distributions of moneys to the following fiscal year instead of calendar year, adding a nonclaim period, and adding a new requirement for brokers and barter exchanges; amending RCW 82.04.4497 , 82.87.020 , 82.87.050 , 82.87.070 , 82.87.080 , 82.87.100 , 82.87.110 , 82.87.120 , 82.87.150 , 82.32.060 , and 82.32.090 ; reenacting and amending RCW 82.32.050 ; adding new sections to chapter 82.87 RCW; creating a new section; providing an effective date; and providing an expiration date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 82.04.4497 and 2021 c 196 s 16 are each amended to read as follows:
(1) To avoid taxing the same sale or exchange under both the business and occupation tax and capital gains tax, a credit is allowed against taxes due under this chapter on a sale or exchange that is also subject to the tax imposed under RCW 82.87.040 . The credit is equal to the amount of tax imposed under this chapter on such sale or exchange.