Washington Supreme Court Upholds Capital Gains Tax as Constitutional
JUST IN – This morning, in a 7-2 ruling, the Washington State Supreme Court finds that the proposed capital gains tax is constitutional as an excise tax.
In the Seattle Times article, State Attorney General Bob Ferguson, in his brief to the Supreme Court defending the tax, called it “the most progressive change in Washington tax policy in generations.”
What this means for you:
- The capital gains tax is legal in Washington State.
- The WA Department of Revenue (DOR) states that the tax went into effect on January 1, 2022 and the first payments are due on or before April 18, 2023.
Contact your VSH tax advisor with questions pertaining to your specific scenario.
