OLYMPIA, Wash.-Secretary of State Steve Hobbs notified the state Legislature on Tuesday, Jan. 23 that signature verification has been completed for an initiative to repeal Washington’s Capital Gains Tax.
Initiative to the Legislature no. 2109 gained enough signatures to be verified after a random sampling of 3 percent of the signatures, according to state law.
The Legislature may now approve the initiative or send it to voters, according to the Secretary of State’s Office. If the Legislature rejects the initiative or takes no action on it by March 7, the Secretary of State will certify the initiative for the next General Election.
Initiative 2109 seeks to repeal Washington’s Capital Gains Tax, which was passed by the State Legislature in 2021 and took effect on Jan. 1, 2022.
According to the State Legislature, the Capital Gains Tax created a 7% tax on the sale or exchange of long-term capital assets such as stocks, bonds, investments and tangible assets.
