Imposes a tax on financial intangible assets to fund public schools.

The bill enacts a tax on stocks, bonds, and other financial intangible assets to generate revenue for public schools. The tax rate is $10 per $1,000 of the true and fair value of the assets. It applies to Washington residents and takes effect from January 1, 2026. Exemptions include assets worth less than $50 million, cash and cash equivalents, and certain retirement savings and college savings accounts. The tax aims to create a more balanced tax system and ensure adequate funding for public education.

Imposes a tax on financial intangible assets to fund public schools.

The bill enacts a tax on stocks, bonds, and other financial intangible assets to generate revenue for public schools. The tax rate is $10 per $1,000 of the true and fair value of the assets. It applies to Washington residents and takes effect from January 1, 2026. Exemptions include assets worth less than $50 million, cash and cash equivalents, and certain retirement savings and college savings accounts. The tax aims to create a more balanced tax system and ensure adequate funding for public education.