Washington State, which has no personal income tax, became one of only a few states to impose a tax exclusively on capital gains when its Capital Gains Excise Tax took effect for the 2022 tax year. The tax, 7% on long-term capital gains exceeding $250,000 annually per individual, survived constitutional challenge in Quinn v. State (decided March 2023, Wash. Sup. Ct.) ³ and is now in its third filing cycle. For our Washington clients and our Charlotte clients selling Washington-based assets, the rules merit careful planning.

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