Inslee signs capital gains tax into law as legal challenges begin

OLYMPIA, Wash. (AP) — Governor Jay Inslee has signed into law a new capital gains tax on high profit stocks, bonds and other assets.

A legal challenge against the tax has already started, with one lawsuit filed last week and another expected.

The measure is expected to bring in $415 million in 2023, the first year the state would see money from the tax, which would start in January 2022.

Also Tuesday, Inslee signed a bill that expands a tax credit for low-income workers and families that would start paying out benefits for the first time in 2023.