HB 2082 — Increasing funding to the education legacy trust account by creating a more progressive rate structure for the capital gains tax and estate tax.

Bill Text

• Bill View text Current pdf

Compared against the Revised Code of Washington as published AI-generated reading aid — verify against the official bill.

This bill amends 2 section(s) of the Revised Code of Washington: RCW 82.87.040; RCW 83.100.020.

• RCW 82.87.040

  read as follows: (1)(a) Beginning January 1, 2022, an excise tax is imposed on the sale or exchange of long-term capital assets. Only individuals are subject to payment of the tax, which equals seven percent multiplied by an individual's Washington capital gains. (b) Beginning January 1, 2025, an additional excise tax is imposed on the sale or exchange of long-term capital assets, which equals 2.90 percent multiplied by the portion of an individual's Washington capital gains exceeding $1,000,000. PART II MODIFYING THE ESTATE TAX

  amended

• RCW 83.100.020

  One million five hundred thousand dollars Two million dollars and 2014 (ii) (iii) two million dollars plus 2012 one thousand dollars The applicable exclusion amount under this subsection (1)(a)(iii) for the p. 4 HB 2082 decedent's estate is the applicable exclusion amount in effect as of the date of the decedent's death. -Tacoma-Bremerton → reenacted and amended to read as follows: The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1)(a) The applicable exclusion amount for the decedent's estate is the applicable exclusion amount in effect as of the date of the decedent's death. "Applicable exclusion amount" means: (i) $1,500,000 for decedents dying before January 1, 2006; (ii) $2,000,000 for estates of decedents dying on or after January 1, 2006, and before January 1, 2014; (iii) $2,012,000 for estates of decedents dying on or after January 1, 2014, and before January 1, 2015; (iv) $2,054,000 for estates of decedents dying on or after January 1, 2015, and before January 1, 2016; (v) $2,079,000 for estates of decedents dying on or after January 1, 2016, but before January 1, 2017; (vi) $2,129,000 for estates of decedents dying on or after January 1, 2017, but before January 1, 2018; (vii) $2,193,000 for estates of decedents dying on or after January 1, 2018, but before January 1, 2025; (viii) $3,000,000 for estates of decedents dying on or after January 1, 2025, but before January 1, 2026; and (ix) For estates of decedents dying in calendar year 2026 and each calendar year thereafter, the amount in (a) (viii) of this subsection must be adjusted annually, except as otherwise provided in this subsection (1)(a) (ix). The annual adjustment is determined by multiplying $3,000,000 by the sum of one and the percentage by which the most recent October consumer price index exceeds the consumer price index for October 2024, and rounding the result to the nearest $1,000. No adjustment is made for a calendar year if the adjustment would result in the same or a lesser applicable exclusion amount than the applicable exclusion amount for the immediately preceding calendar year. (b) For purposes of this subsection (1), "consumer price index" means the consumer price index for all urban consumers, all items, for the Seattle metropolitan area as calculated by the United States bureau of labor statistics. For the purposes of this subsection (1)(b), "Seattle metropolitan area" means the geographic area sample that includes Seattle and surrounding areas. (13) "Taxpayer" means a person upon whom tax is imposed under this chapter, including an estate or a person liable for tax under (14) "Transfer" means "transfer" as used in section 2001 of the internal revenue code and includes any shifting upon death of the economic benefit in property or any power or legal privilege incidental to the ownership or enjoyment of property. However, "transfer" does not include a qualified heir disposing of an interest in property qualifying for a deduction under RCW 83.100.046 or ceasing to use the property for farming purposes. (15) "Washington taxable estate" means the federal taxable estate and includes, but is not limited to, the value of any property included in the gross estate under section 2044 of the internal revenue code, regardless of whether the decedent's interest in such property was acquired before May 17, 2005, (a) plus amounts required to be added to the Washington taxable estate under RCW 83.100.047, (b) less: (i) The applicable exclusion amount under subsection (1) of this section; (ii) the amount of any deduction allowed under RCW 83.100.046; (iii) amounts allowed to be deducted from the Washington taxable estate under RCW 83.100.047; and (iv) the amount of any deduction allowed under RCW 83.100.048.

  amended

Action History

1. January 12, 2026

   By resolution, reintroduced and retained in present status.

2. April 16, 2025

   First reading, referred to Finance.

Sponsors

• Steve Tharinger · Cosponsor
• Nicole Macri · Cosponsor
• Sharon Tomiko Santos · Cosponsor
• Liz Berry · Cosponsor
• Julia Reed · Cosponsor
• Shaun Scott · Cosponsor
• Lisa Parshley · Cosponsor
• Gerry Pollet · Cosponsor
• Strom Peterson · Cosponsor
• Alex Ramel · Cosponsor
• Cindy Ryu · Cosponsor
• My-Linh Thai · Cosponsor
• Chipalo Street · Primary

Subjects