Washington HB1614 modifies capital gains tax rules, including credits, exemptions, and penalties.

Washington HB1614 amends capital gains tax rules by allowing a credit for taxes paid to other jurisdictions on capital gains, modifying the allocation of long-term capital gains and losses, and adjusting the penalty for not filing returns electronically. It also introduces a charitable donation deduction for capital gains and sets new rules for brokers and barter exchanges to report capital gains electronically. The bill includes provisions for adjusting certain amounts annually based on the consumer price index and modifies the penalty structure for late filings and payments.

Washington HB1614 modifies capital gains tax rules, including credits, exemptions, and penalties.

Washington HB1614 amends capital gains tax rules by allowing a credit for taxes paid to other jurisdictions on capital gains, modifying the allocation of long-term capital gains and losses, and adjusting the penalty for not filing returns electronically. It also introduces a charitable donation deduction for capital gains and sets new rules for brokers and barter exchanges to report capital gains electronically. The bill includes provisions for adjusting certain amounts annually based on the consumer price index and modifies the penalty structure for late filings and payments.