SB5314 modifies Washington's capital gains tax, adjusting allocation rules and penalties for noncompliance.

SB5314 modifies the allocation of long-term capital gains and losses for Washington's capital gains tax. It specifies that gains or losses from the sale or exchange of tangible personal property are allocated to Washington if the property was located in the state at the time of the sale or exchange. It also details rules for allocating gains or losses from intangible personal property and real estate. The bill introduces penalties for noncompliance, including failure to file returns or remit payment electronically, and outlines procedures for interest computation and refund or credit claims.

SB5314 modifies Washington's capital gains tax, adjusting allocation rules and penalties for noncompliance.

SB5314 modifies the allocation of long-term capital gains and losses for Washington's capital gains tax. It specifies that gains or losses from the sale or exchange of tangible personal property are allocated to Washington if the property was located in the state at the time of the sale or exchange. It also details rules for allocating gains or losses from intangible personal property and real estate. The bill introduces penalties for noncompliance, including failure to file returns or remit payment electronically, and outlines procedures for interest computation and refund or credit claims.