SB 5929: Concerning investing in Washington families by improving the fairness of the states excise tax system by narrowing or eliminating tax preferences, imposing a business and occupation tax surcharge while eliminating tax liability for small business

SB 5929 would:

• Imposes a 7 percent tax on adjusted Washington capital gains.
• Makes changes to the business and occupation tax (B&O), including imposing a 20 percent surtax on certain activities, increasing the filing threshold, repealing the small business credit, creating a new deduction of $250,000, and repealing several preferential rates.
• Eliminates or narrows several tax preferences.
• Reforms the real estate excise tax.
• Requires the reporting of subcontractor information to the Department of Revenue. Requires marketplace facilitators, referrers, and their sellers to collect and remit sales or use tax, or comply with notice and reporting requirements.
• Expands liability for unpaid tax obligations for sales and use taxes, B&O tax, cigarette taxes, and other tobacco product taxes.
• Sets a new interest rate for tax refunds.
• Makes transfers of new revenue to the Education Legacy Trust Fund