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OLYMPIA, Wash. – Feb 10, 2024 – Capital gains excise tax collections have exceeded $416.6 million in the second year.
Capital gains excise tax numbers for Tax Year 2023:
- $416.6 million collected.
- 3,401 payments.
- Total initially collected has decreased from $433.0 million due to refunds from this tax year.
- Additional statistical information on capital gains taxpayers:
While the due date for capital gains excise tax was April 15, 2024, for tax year 2023, many taxpayers received an extended due date to Oct. 16, 2024. This date is beyond the close of Washington’s fiscal year calendar, which ends June 30. For budgetary purposes, refunds and payments due after the close of the previous fiscal year are included in the following fiscal year’s collections.
Collections by Tax Year
- Tax Year 2022 - $780.4 million
- Tax Year 2023 - $416.6 million
Collections by Fiscal Year
- Fiscal Year 2023 - $847.5 million
- Fiscal Year 2024 - $360.5 million
- Fiscal Year 2025 – Available late April
Revenue collected by the tax each fiscal year is earmarked for education, with up to $500 million (adjusted for inflation) going to the education legacy trust account, and any remainder deposited into the common school construction account. Based on current numbers, no additional funding is anticipated for the common school construction account this year.
About capital gains
The capital gains tax is a 7% excise tax on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets. For tax year 2023 (taxes due in April 2024), the tax applied after a standard $262,000 deduction of capital gains.
The tax only applies to individuals and to gains allocated in Washington state. For more information about the capital gains excise tax visit Revenue’s website.
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