OLYMPIA, Wash. – A judge in Thurston County has cleared the way for opponents of Washington state’s new capital gains tax to begin an attempt to repeal it.
The Everett Herald reports the judge approved final wording of a ballot initiative, and opponents can begin gathering signatures ahead of a July deadline.
The law signed last year by Governor Jay Inslee took effect January 1st and is expected to raise $415 million in its first year.
The money is earmarked for child care and early learning programs.
The 7% tax is levied on profits over $250,000 from sales of stocks, bonds and other assets.
It does not tax retirement accounts, real estate, some agriculture and small business transactions.
It’s expected to affect about 7,000 residents of Washington state.