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OLYMPIA, Wash. – June 5, 2025 – Capital gains excise tax collections so far have topped $560.6 million in the third year.
Initial capital gains excise tax numbers for tax year 2024:
- $560.6 million net payments.
- 4,461 returns filed.
- 3,403 extensions granted.
Revenue collections for this year have not yet been finalized. Many taxpayers received filing extensions in April and made an estimated payment. They are required to complete their filings by Oct. 15. Collections each fiscal year are earmarked for education, with up to $524 million (adjusted for inflation) going to the education legacy trust account and any remainder deposited into the common school construction account.
Net payments* by tax year:
- 2024 - $560.6 million.
- 2023 - $418.6 million.
- 2022 - $840.3 million.
*Net payment means the total of payments received, minus the sum of refunds issued, as of June 2, 2025. Refunds issued or payments received after the periods shown are not included in totals.
About capital gains
The capital gains tax is a 7% excise tax on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets. Starting with tax year 2025, capital gains in excess of $1 million will be taxed at 9.9%, gains under $1 million will continue to be taxed at 7%. For tax year 2024 (taxes due in April 2025), the tax applied after a standard $270,000 deduction of capital gains.
The tax only applies to individuals and gains allocated in Washington state. Individuals could be liable for the tax if they have an ownership interest in a pass-through or disregarded entity that sells or exchanges long-term capital assets.
Tax year 2024 returns were due at the same time taxpayers filed their federal tax returns - April 15.
For more information about the capital gains tax, visit Revenue’s website.
