Policy committees have until the end of the day today to pass bills out of committee. Bills that don’t make it out of committee will no longer be considered during the 2021 session. The Ways & Means and Transportation Committees have another week until they face the same deadline. Ways & Means is expected to take executive action Tuesday on Senate Bill 5096, an amended version of the governor’s capital gains excise tax proposal.
The majority of the week in the Senate will be spent on the floor. Senate Democrats will continue to focus on legislation to help Washingtonians bounce back from the Covid-19 pandemic.
Monday, February 4
With Washington continuing to expand broadband access to people across our state, the Transportation Committee will hear public testimony on Senate Bill 5439. The bill will require that during new projects and preservation work crews also complete projects so that they are ready for broadband cable installation. Watch live on TVW.
CAPITAL GAINS EXCISE TAX
Tuesday, February 16
The Ways & Means Committee is scheduled to take executive action on Senate Bill 5096, an excise tax on capital gains. A striking amendment has made substantive changes to the bill. Now, the tax will apply only to individuals and couples who turn a profit in excess of $250,000 annually on the sale of stocks and bonds.
The capital gains excise tax will NOT apply to the sale of a home, commercial real estate and other properties, a family-owned small business, retirement account, or agricultural and timber lands.
In all, the capital gains excise tax would impact just 2% of the wealthiest Washingtonians. Revenue from SB 5096 would be split between child care priorities and future tax reduction efforts. Watch live on TVW.
Approximately 9 a.m. – Noon
Three days of floor action begins in earnest Tuesday, and will pick up the following week culminating with the March 9 house of origin cutoff. This week the Senate is expected to consider additional bills aimed at helping Washingtonians recover from the Covid-19 pandemic.