On Friday, March 24, 2023, the Washington Supreme Court issued a ruling on the capital gains tax enacted in 2021. In a 7-2 ruling in the Quinn v Washington State case,…..
Category: State and Local Tax
Washington Capital Gains Tax ALERT – State Supreme Court Issues Stay on Lower Court Ruling
Over the past year and a half, the topic of whether a capital gains tax breaches state law has been quite contentious. There have…
Washington State Capital Gains Tax Enacted – Takes Effect January 1, 2022
The Washington State Legislature passed Senate Bill 5096 at the conclusion of the 2021 legislative session, enacting a state capital gains tax, which Governor Jay Inslee signed into law May 4, 2021. The tax is a 7% tax, applicable to net long-term gains on capital assets (stocks, bonds, business interests, and other…
New Mandatory Payroll Tax Related to Long Term Care
There is a new mandatory payroll tax that will affect nearly all employees in the state of Washington. This long-term care (LTC) tax has not yet raised a lot of attention but is fast approaching. The Employment Security Department (ESD) created the WA Cares Fund that is administering this new payroll tax.
Oregon Corporate Activity Tax – DOR Issuing Notices
The Oregon Department of Revenue (DOR) has recently begun issuing notices regarding the Oregon Corporate Activity Tax (CAT) to taxpayers with business activity within the state. The CAT is effective for tax years beginning on or after January 1, 2020, making 2020 the initial year of implementation.
Seattle Payroll Tax Effective January 1, 2021
On July 6, 2020, the Seattle City Council passed Council Bill (CB) 119810 implementing a variable-rate payroll tax or ‘payroll expense tax’ that applies to businesses with $7 million or more of payroll expense in the most recent calendar year. The tax is intended to assist with the affordable housing crisis, homelessness, and now the COVID-19 pandemic…
Washington Legislature Has Done It Again—Workforce Education B&O Surcharges Undergo Overhaul
On Feb. 11, less than 45 days after the Workforce Education Investment Act surcharges began Governor Jay Inslee signed S.B. 6492. This bill nixed the three-tier formula and completely overhauled the tax increase implementation.
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