WA HB1319

Imposes a 1% annual wealth tax on financial intangible assets (stocks, bonds, mutual funds, cryptocurrency, futures contracts) exceeding $100,000,000, effective January 1, 2026 with first payments due in 2027

Applies only to Washington residents, estimated to affect approximately 3,400 of the state's wealthiest individuals, with spouses and domestic partners required to file jointly and share a single $100 million exemption

Exempts nonfinancial intangibles (patents, trademarks), U.S. and Washington government obligations, property already subject to ad valorem taxation, and assets of artificial persons (corporations, LLCs)

Revenue deposited into the state general fund to support K-12 education, early learning, health services, behavioral health, salmon recovery, wildfire prevention, and public safety programs

Includes enforcement provisions requiring audits of at least 10% of registered taxpayers in 2027 (increasing to 20% by 2029), with penalties up to 50% for gross valuation misstatements and anti-avoidance rules for asset concealment or transfers