Enacting a wealth tax on the ownership of stocks, bonds, and other financial intangible property.

HB 1319 proposes a 1% annual tax on Washington residents' financial assets exceeding $100 million, including stocks, bonds, and similar investments. It would primarily affect approximately 3,400 of the state's wealthiest individuals, as estimated by the bill. Revenue generated would be directed to the state's general fund to support essential services like K-12 education, healthcare, wildfire prevention, and public safety programs. The tax applies to "financial intangible assets" defined broadly, excluding primary residences and certain other exemptions, with filing based on the prior calendar year's asset values.