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Washington Governor Signs Capital Gains, Working Families Credit

May 4, 2021, 10:02 PM

Washington Gov. Jay Inslee signed bills Tuesday to impose a new 7% excise tax on capital gains of more than $250,000 a year and to fund a credit for low-income wage earners.

The Democratic governor signed S.B. 5096, which will apply the capital gains tax to about 8,000 taxpayers starting in 2022 and generate about $500 million a year. Inslee also signed H.B. 1297 to fund a Working Families Tax Credit to provide $300 to $1,200 for low-income wage earners depending on income and family size.