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State Taxes Capital Gains Tax Capital Gains

Foster Garvey PC

The Newest Chapter in the Tumultuous Journey of the Washington State Capital Gains Tax – Judge Allyson Zipp Rules From the Bench

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As reported last week, opponents of the Washington state capital gains tax, after ultimately losing in the courts to have the legislation stricken as unconstitutional, decided to take the matter to the voters. They have...more

Foster Garvey PC

The Tumultuous Journey of the Washington State Capital Gains Tax Continues

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I have reported in several prior blog posts the significant events impacting the newly enacted Washington state capital gains tax. The turbulent ride of this legislation continues!...more

Stoel Rives -  Ahead of Schedule

Washington’s Capital Gains Tax and Its Implications on the Transfer of Ownership Interests in Entities That Own Real Property

In addition to Washington’s real estate excise tax (REET), transferors of ownership interests in entities that own real property in Washington must also factor in Washington’s capital gains tax when making such transfers. ...more

Perkins Coie

Washington Capital Gains Tax: More Questions, Tentative Answers

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Nearly two years after being enacted by the state legislature, and one year after being struck down by a lower court, the Washington state capital gains tax has been reinstated as constitutional, and the first returns and...more

Foster Garvey PC

When It Rains, It Pours in Washington State – The Washington Supreme Court Upholds the 2021 Enacted Capital Gains Tax

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It is a rainy day in the Pacific Northwest with chances of snow showers. For those taxpayers that reside in the state of Washington or own highly appreciated capital assets located in the state, their day just got a bit...more

Morgan Lewis

Planning for the Massachusetts ‘Millionaires Tax’

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The new Massachusetts “Millionaires Tax” imposes an additional 4% income tax on the portion of annual taxable income in excess of $1 million (indexed for inflation), starting in 2023. The new tax will affect high-income...more

Stoel Rives LLP

Court Reviews New Washington Capital Gain Tax

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Effective January 1, 2022, Washington imposes an excise tax on an individual’s long-term capital gains from the sale of stock, bonds, and other assets exceeding $250,000 if the assets were located in Washington at the time of...more

Foster Garvey PC

Taxpayers Take a Hit in the Washington Capital Gains Tax Battle

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By motion dated November 3, 2022, the Washington State Attorney General asked the Supreme Court of the State of Washington to allow the Washington Department of Revenue to implement and collect the capital gains tax struck...more

Foster Garvey PC

The Washington State Capital Gains Tax May Have More Than Nine Lives – The Saga Continues With the State Attorney General...

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As I previously reported, the Washington state capital gains tax has had a turbulent ride, commencing with a rough ride through the legislative process where it almost hit disastrous terrain on at least six (6) occasions....more

Blank Rome LLP

Look at What the Tax Does and Raise Everything to Win!

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The Washington State Superior Court, Douglas County, (“Superior Court”) recently relied on the Washington State Constitution to invalidate the new Washington Capital Gains Tax (“WACGT”). Quinn/Clayton v. Washington, Douglas...more

Foster Garvey PC

The Turbulent Ride for Washington's New Capital Gains Tax May Have Come to a Screeching Halt

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As previously reported on May 7, June 17 and November 4 of last year, two lawsuits were filed in Douglas County Superior Court in Washington, seeking a declaration that the state’s new capital gains tax is unconstitutional....more

Foster Garvey PC

Two Lawsuits Are Better Than One – A Second Lawsuit Was Filed to Strike Down the New Washington State Capital Gains Tax

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As I previously reported, on May 4, 2021, Washington State Governor Jay Inslee signed Senate Bill 5096 ("SB 5096") into law, creating the state's first capital gains tax. It is set to go into effect on January 1, 2022....more

Stoel Rives LLP

Washington Governor Signs Into Law New Tax on Capital Gains

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On May 4, 2021, Governor Jay Inslee signed into law Senate Bill (SB) 5096, a bill creating a new Washington state excise tax on the sale or exchange of certain capital assets....more

Bowditch & Dewey

GameStop, Taxes, and the Next Trade

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It appears the wild ride for traders in GameStop (GME) stock has ended with shares trading at a fraction of what they were trading just a few weeks ago. Shares which once soared from around $20 a shares to a high of $380, as...more

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