| |||||||||||||||||||
This measure would repeal an excise tax imposed on the sale or exchange of certain long-term capital assets by individuals who have annual capital gains of over $250,000. | |||||||||||||||||||
| Results | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |||||||||||||||||||
 
| |||||||||||||||||||
Initiative No. 2109 (I-2109) was a ballot initiative in the U.S. State of Washington that appeared on the ballot on November 5, 2024. The initiative was brought to the state legislature by Let's Go Washington, a Redmond-based political action committee founded by businessman and hedge-fund manager Brian Heywood.[1][2] The initiative would have repeal SB 5096, which created a 7% capital gains tax on the sale of long-term capital assets (i.e. stocks, bonds and business interests) worth more than $250,000 in Washington state since 2021. Real estate sales are already exempt from the tax.[1][3]
The effort to repeal I-2109 began in 2023, following a ruling of the Washington Supreme Court upholding the constitutionality of the capital gains tax.[2][4] I-2109 collected a total of 436,474 signatures, and was ultimately certified and introduced to the legislature for their 2024 legislative session.[5] Senate majority leader Andy Billig (D) and Speaker of the House Laurie Jenkins (D) announced on February 16, 2024, that the state legislature would not hold hearings on the initiative.[6] This decision not to take action on the referred initiative placed the decision on the question to the November 5, 2024 election.
- ^ a b "WA lawmakers decided to tax the rich. Poll shows how voters feel about that". The Seattle Times. July 23, 2024. Retrieved September 4, 2024.
- ^ a b Deng, Grace (May 6, 2024). "WA decides: Initiative 2109 to repeal the state's capital gains tax • Washington State Standard". Washington State Standard. Retrieved September 4, 2024.
- ^ "Washington Initiative 2109, Repeal Capital Gains Tax Initiative (2024)". Ballotpedia. Retrieved September 4, 2024.
- ^ "What do Washington voters need to know about Initiative 2109?". krem.com. July 24, 2024. Retrieved September 4, 2024.
- ^ "Submitted Signature Statistics | WA Secretary of State". www.sos.wa.gov. Retrieved September 4, 2024.
- ^ "Sen. Billig, Speaker Jinkins: Three initiatives will have hearings, three will not". Washington Senate Democrats. February 16, 2024. Retrieved September 4, 2024.