WA SB5797

Imposes a wealth tax of $5 per $1,000 (0.5%) on the fair market value of financial intangible assets such as publicly traded stocks, bonds, mutual funds, and exchange traded funds, beginning January 1, 2026 with first taxes due in 2027

Exempts the first $50 million in taxable financial intangible assets per taxpayer (spouses/domestic partners combined), estimated to affect approximately 4,300 Washington residents

Excludes from taxation: cash, retirement accounts (401k, IRA, pension plans), college savings plans (529 accounts), ownership interests in private companies and partnerships (subchapter K and S entities), annuities, and futures/options contracts

Deposits all revenue into the education legacy trust account to fund public schools, early learning, child care, and higher education

Requires annual returns due April 15th, mandates joint filing for married couples/domestic partners, and establishes penalties of 30-50% for substantial valuation understatements