OLYMPIA, Wash. (AP) — Opponents of the state’s new capital gains tax can begin gathering signatures on an initiative seeking to repeal the law after a judge approved final wording for how the measure would be described on the ballot and the initiative petitions. At issue is a law that would levy a capital gains tax on annual profits reaped from the sale of long-term assets, such as stocks and bonds, for some individuals and married couples. The state will collect 7% of those profits above $250,000. The law contains exemptions for retirement accounts, real estate and some agricultural and small businesses. Sponsors of Initiative 1929 must collect and turn in signatures of 324,516 registered Washington voters by 5 p.m. July 8 in order to qualify for the November ballot.
Judge clears way for initiative to repeal capital gains tax
