WA HB2046

Imposes an annual tax of $8 per $1,000 (0.8%) on financial intangible assets exceeding $50,000,000 in value, beginning January 1, 2026, with first payments due in 2027

Applies to Washington residents' worldwide financial intangible assets including publicly traded stocks, bonds, mutual funds, and exchange traded funds, valued as of December 31st each year

Exempts cash, retirement accounts (401k, IRA, Roth IRA), 529 education savings accounts, privately held company stock, partnership interests, annuities, futures contracts, and the first $50,000,000 in taxable assets

Revenue deposited into the education legacy trust account to fund K-12 schools, higher education access, early learning, and child care programs

Requires joint filing for married couples/domestic partners, includes innocent spouse relief provisions, and imposes penalties of 30-50% for substantial valuation understatements