New Washington state laws going into effect in 2022
Each new year comes with a new set of Washington state laws.
Washington lawmakers made headlines during this year’s legislative session for their work on taxes, police reform and reversing the effects of climate change. The resulting law changes from some of that work won’t be seen for years, while others will go into effect in the coming weeks and months.
Keep reading for five major policies set to kick in next year.
Capital gains tax
Arguably the most controversial item to come out of the state Legislature in years, the capital gains tax is set to become effective on Jan. 1.
The 7% tax applies to profits from selling long-term assets, such as stocks and bonds. An individual or married couple would have to make more than $250,000 in these types of sales for the tax to kick in.
However, the tax only applies to capital gains made above the $250,000 threshold. That means if an individual made $300,000 from selling stock in a year, the 7% tax would only be applied to the additional $50,000 and not the entire $300,000 sum. That individual would pay the state $3,500 in taxes.
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https://www.seattlepi.com/local/seattlenews/article/new-washington-laws-going-into-effect-in-2022-16723630.php