Budget & Taxes (Income Tax)

HB 1665 repeals Washington State's capital gains tax, which previously taxed profits from selling investments or property. The bill removes 15 specific tax code sections (RCW 82.87.010-82.87.150) and related provisions from 2021 legislation that established the tax. This change takes effect October 1, 2025, eliminating the tax requirement for affected taxpayers.

SB 5457 modifies Washington State's business tax for radio and television broadcasters. It requires broadcasters to calculate tax based on gross income minus specific advertising revenues, directly affecting FCC-licensed radio and TV stations operating in Washington. The key provision allows broadcasters to exclude national/regional ad revenue either through a standard deduction (based on U.S. Census data) or by itemizing out-of-state audience revenue using defined signal strength contours. This change, effective July 2025, adjusts how taxable income is calculated for broadcasters under the existing 0.484% business tax rate.