Establishes an income tax on individuals with Washington taxable income over $1,000,000 per year and households with income over $2,000,000 per year.

The bill introduces an income tax on individuals with Washington taxable income over $1,000,000 per year and households with income over $2,000,000 per year. It sets a tax rate of 9.90 percent on these incomes. The bill also includes provisions for tax credits, deductions, and estimated tax payments. It outlines the rules for determining Washington taxable income, including modifications to federal adjusted gross income. The bill further details the administration of the tax, including filing requirements, penalties for the taxpayers, the tax.

Establishes an income tax on individuals with Washington taxable income over $1,000,000 per year and households with income over $2,000,000 per year.

The bill introduces an income tax on individuals with Washington taxable income over $1,000,000 per year and households with income over $2,000,000 per year. It sets a tax rate of 9.90 percent on these incomes. The bill also includes provisions for tax credits, deductions, and estimated tax payments. It outlines the rules for determining Washington taxable income, including modifications to federal adjusted gross income. The bill further details the administration of the tax, including filing requirements, penalties for the taxpayers, the tax.