ENGROSSED SUBSTITUTE SENATE BILL 5813
State of Washington
69th Legislature
2025 Regular Session
By Senate Ways & Means (originally sponsored by Senators C. Wilson, Stanford, Alvarado, Frame, Nobles, Pedersen, and Valdez)
READ FIRST TIME 04/19/25.
AN ACT Relating to increasing funding to the education legacy trust account for public education, child care, early learning, and higher education by creating a more progressive rate structure for the capital gains tax and estate tax; amending RCW 82.87.040 , 83.100.040 , and 83.100.048 ; reenacting and amending RCW 83.100.020 ; creating new sections; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. (1) The legislature finds that it is the paramount duty of the state to amply provide every child in the state with an education, creating the opportunity for the child to succeed in school and thrive in life. The legislature further finds that high quality early learning and child care is critical to a child's success in school and life, as it supports the development of the child's social-emotional, physical, cognitive, and language skills. The legislature further finds that the state's higher education system ensures Washington residents have the opportunity to succeed in a competitive global economy.
(2) The legislature further finds that in 2024, when given the opportunity to retain investments in the education legacy trust account for high quality early learning and child care, 64.11 percent of Washington voters in 32 of its 39 counties voted to uphold the excise tax on sales of long-term capital assets for this purpose.