SEATTLE (AP) — A judge has ruled a legal challenge to Washington’s new tax on capital gains can move forward. The Seattle Times reports the ruling Friday by Douglas County Superior Court Judge Brian Huber could ultimately lead to the state Supreme Court deciding whether the new capital gains tax constitutional. The legal challenge takes aim at Senate Bill 5096, which passed this spring through the Democratic-controlled House and Senate and was signed by Gov. Jay Inslee. It creates a 7% tax on the capital gains of sales of assets — like bonds and stocks — above $250,000. The law exempts a range of assets, like retirement accounts, sales of real estate, livestock, timber and some agricultural properties, and some auto dealerships.
Judge: Capital gains tax challenge can move forward
