10 Year Analysis Complete for Engrossed Substitute Senate Bill 5813.PL - UPDATE
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UPDATE: The 10 year analysis for ESSB 5813.PL, titled AN ACT Relating to increasing funding to the education legacy trust account for public education, child care, early learning, and higher education by creating a more progressive rate structure
for the capital gains tax and estate tax, has been completed. The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.
Ten-year projection:
|
Fiscal |
Capital Gains tax |
Estate tax |
Total |
|
|
|
||||
|
2026 |
$151,000,000 |
$9,900,000 |
$160,900,000 |
|
|
2027 |
$131,000,000 |
$29,700,000 |
$160,700,000 |
|
|
2028 |
$136,000,000 |
$21,800,000 |
$157,800,000 |
|
|
2029 |
$143,000,000 |
$13,100,000 |
$156,100,000 |
|
|
2030 |
$151,000,000 |
$5,300,000 |
$156,300,000 |
|
|
2031 |
$158,000,000 |
($6,400,000) |
$151,600,000 |
|
|
2032 |
$167,000,000 |
($15,500,000) |
$151,500,000 |
|
|
2033 |
$175,000,000 |
($23,400,000) |
$151,600,000 |
|
|
2034 |
$185,000,000 |
($31,200,000) |
$153,800,000 |
|
|
2035 |
$194,000,000 |
($39,600,000) |
$154,400,000 |
|
|
|
||||
|
Total: |
$1,591,000,000 |
($36,300,000) |
$1,554,700,000 |
|
Ten-year projection prepared in consultation with the following agencies:
Department of Revenue
This engrossed bill is proposed by the Senate.
The substitute bill was proposed by:
The original bill sponsors and contact information are:
Senator Claire Wilson, Prime Sponsor
Democrat
(360) 786-7658
claire.wilson@leg.wa.gov
Senator Derek Stanford
Democrat
(360) 786-7600
derek.stanford@leg.wa.gov
Senator Emily Alvarado
Democrat
(360) 786-7667
Emily.Alvarado@leg.wa.gov
Senator Noel Frame
Democrat
(360) 786-7670
noel.frame@leg.wa.gov
Senator T'wina Nobles
Democrat
(360) 786-7654
T'wina.Nobles@leg.wa.gov
Senator Jamie Pedersen
Democrat
(360) 786-7628
jamie.pedersen@leg.wa.gov
Senator Javier Valdez
Democrat
(360) 786-7690
javier.valdez@leg.wa.gov
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp