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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Washington House Bill 1319 proposes a 1% annual tax on certain financial assets above $100 million owned by Washington residents. It is a proposal, not a tax obligation in force: the Legislature’s bill history shows it was reintroduced in the 2026 session and retained in present status, with no enactment recorded. The measure is one effort to change Washington’s tax code, but it is separate from the state’s enacted 2026 millionaire tax.
What Washington’s proposed wealth tax would cover
HB 1319, summarized by the Legislature as “Enacting a wealth tax on the ownership of stocks, bonds, and other financial intangible property,” would impose an annual tax on a Washington resident’s defined financial intangible assets. The proposed rate is 1% on taxable wealth above a $100 million exemption. The bill’s scope is not all property, all income, or every form of net worth.
The bill defines worldwide wealth using the fair market value of covered intangible assets owned or controlled by a Washington resident. Its examples of covered financial assets include:
- Cash and cash equivalents, annuities, bonds, and Treasury bills.
- Mutual funds, index funds, and stocks.
- Publicly traded options, futures, and commodities contracts.
- Specified ownership units in pass-through entities.
The proposal also excludes nonfinancial intangible assets, specified federal and Washington public debt, stock in certain federally established entities, and property already subject to ad valorem taxation. It addresses trust interests and assets transferred to minor family members, and provides credits for certain similar wealth taxes paid to another state. The exact treatment would depend on the bill’s definitions and any implementing rules.
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How the proposed tax would be valued and filed
If enacted as drafted, the tax would apply beginning January 1, 2026. Ordinary valuation would use the asset’s fair market value on December 31 of the tax year. Annual returns and payments would be due April 15 for the preceding calendar year, so the first returns would have been due in April 2027. These are proposed provisions, not current filing requirements.
The bill assigns administration to the Washington Department of Revenue and includes rules for returns and penalties. It also contemplates taxation of certain interests and transfers, which would make the statutory definitions important for anyone assessing how an actual portfolio might be treated.
What the bill says about its reach and expected revenue
HB 1319’s legislative-intent section estimates that 3,400 Washington residents would be affected. That is the proposal’s own estimate, not an independently verified count.
A 2025 Department of Revenue fiscal note, published through the Office of Financial Management, projected $3.38 billion in general-fund receipts in fiscal year 2026 and $3.38 billion in fiscal year 2027 under its assumptions. Those are dated projections for the bill, not money collected or a current revenue forecast.
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The bill’s stated purpose is to preserve general-fund services while reducing what its sponsors describe as regressivity in Washington’s tax system. Its text lists services such as K–12 education, early learning and child care, postsecondary education, health services, long-term care, salmon recovery, public lands, wildfire response, and public safety. Those are the Legislature’s stated aims; they do not establish that the proposal would produce those outcomes.
In its findings, HB 1319 cites an October 2024 Congressional Budget Office report stating that families in the top 10% of the wealth distribution held 60% of family wealth, while families in the top 1% held 27%. The figures appear in the bill’s account of the CBO report; the Legislature’s bill is not their original source.
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Why wealth-tax design raises legal questions in Washington
Washington’s Department of Revenue examined wealth-tax structure in a 2024 study. It describes a wealth tax as a recurring tax on asset ownership and explains why a Washington wealth tax would raise property-tax questions. The agency discusses constitutional constraints, including an aggregate 1% rate limit and a uniformity requirement.
That study is a structural analysis, not a court ruling on HB 1319. It does not determine whether this specific proposal is constitutional, and the bill’s legislative status should not be confused with a legal decision.
HB 1319 is not the enacted 2026 millionaire tax
Washington also enacted SB 6346, titled “Establishing a tax on millionaires.” The official legislative history records that the bill passed both chambers, was signed by the governor on March 30, 2026, and became Chapter 238, Laws of 2026. The Department of Revenue’s 2026 tax-legislation page describes it as establishing a tax on millionaires.
SB 6346 and HB 1319 are different measures. The former is the enacted millionaire-tax legislation; the latter is the proposal concerning financial intangible wealth. SB 6346’s enactment does not mean HB 1319 passed.
What to check before treating the proposal as a personal tax issue
Because HB 1319 is not shown as enacted, Washington residents should not treat its proposed rate, threshold, valuation date, or filing deadline as current tax rules. Anyone following its potential impact can use the official bill history to check for later action, and consult the enacted text and Department of Revenue guidance if the Legislature changes its status or adopts a related measure.
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