Washington Statement of Reduction of Capital of a Corporation
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How to fill out Statement Of Reduction Of Capital Of A Corporation?
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FAQ
Barred from fashioning a more progressive tax system by taxing the income from long-term capital gains of wealthy Washingtonians at a higher rate, the state's Democratic-controlled legislature instead passed a 7% excise tax ? that is, a tax on the sale or exchange by state residents of that long-term capital itself.
On March 24, 2023, the Washington Supreme Court upheld the state capital gains tax as a constitutional excise tax. The decision overturns the Douglas County Superior Court's ruling that the tax is an unconstitutional tax on income.
Overview. Effective January 1, 2022, Washington's new capital gains tax applies a 7% tax on an individual's adjusted long-term capital gains that are allocated to Washington. Tax only applies to individuals.
On March 24, 2023, the Washington Supreme Court determined in a seven to two decision that Washington's long-term capital gains tax is constitutional, paving the way for the first returns and payment of tax to be due on April 18, 2023.
For example, in 2023, individual filers won't pay any capital gains tax if their total taxable income is $44,625 or below. However, they'll pay 15 percent on capital gains if their income is $44,626 to $492,300. Above that income level, the rate jumps to 20 percent.
The court ruled that the tax, which imposes a 7 percent assessment on capital gains above $250,000, is exempt from state constitutional restrictions because it is an excise tax on the sale of assets rather than a tax on the income resulting from the transaction.
In Washington, a 0.58 percent payroll tax to fund a mandatory long-term care insurance program will take effect July 1, 2023, following litigation that resulted in various legislative changes and delays. The tax and the underlying program are the results of a law that was initially enacted in 2019.
A standard deduction of $250,000 per year per individual, married couple, or domestic partnership. This amount is adjusted for inflation annually. The long-term capital gain from an individual's sale of all or substantially all of a qualified family-owned small business.
