On March 24, 2023, the Washington State Supreme Court determined that the Washington capital gains tax is a constitutional excise tax on the sale or exchange of capital assets and not an income tax prohibited under the Washington constitution. The decision reversed the previous Douglas County Superior Court decision from March 1, 2022.
Accordingly, 2022 capital gains tax returns and related payments are due April 18, 2023. Information and instructions from the Washington Department of Revenue on paying the tax are available online here. Please contact a member of the Clark Nuber team with additional questions regarding the tax.
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