The Senate Ways & Means Committee will hold a work session with an update on the state Tax Structure Work Group and hear several bills that would impact state revenues.

SB 5426, sponsored by Sen. Sam Hunt (D–Olympia), would impose a wealth tax of one percent on the value of intangible assets, such as publicly traded options, futures contracts, and stocks and bonds, over $1 billion in value.

SB 5463, sponsored by Sen. Lynda Wilson (R–Vancouver), would impose a homestead property tax exemption on the first $250,000 of residential property for state property taxes and reduce the state property tax levy by the amount of the exemption. SJR 8206, which would propose a constitutional amendment to allow the state to impose the homestead exemption, will also be heard.

These proposals have been mentioned in some of the public outreach meetings of the state Tax Structure Work Group, which is expected to make recommendations about potential reforms to the state’s tax system by the end of 2022.

Date to remember

The work session and hearings on SB 5426 and SB 5463/SJR 8206 are scheduled for Wednesday, February 1 at 4 pm.