Imposes a tax on Washington residents' financial intangible assets to fund education.

The bill imposes an intangible assets tax on Washington residents, equal to $8 per $1,000 of the true and fair value of their taxable worldwide intangible assets. The tax applies to financial intangible assets such as publicly traded stocks and bonds, but exempts certain assets including the first $50 million in value. The tax is intended to fund education programs, with revenues dedicated to the education legacy trust account. The bill also provides for relief from joint and several liability for understatements of tax due to substantial intangible assets tax valuation understatements.

Imposes a tax on Washington residents' financial intangible assets to fund education.

The bill imposes an intangible assets tax on Washington residents, equal to $8 per $1,000 of the true and fair value of their taxable worldwide intangible assets. The tax applies to financial intangible assets such as publicly traded stocks and bonds, but exempts certain assets including the first $50 million in value. The tax is intended to fund education programs, with revenues dedicated to the education legacy trust account. The bill also provides for relief from joint and several liability for understatements of tax due to substantial intangible assets tax valuation understatements.