Taxes paid to another jurisdiction

From the 2024 DOR Tax Exemption Study

82.87.100(2) - Taxes paid to another jurisdiction Description A credit against the Washington capital gains tax is allowed for the amount of capital gains taxes paid to another taxing jurisdiction on capital gains derived from sources within the other taxing jurisdiction to the extent the capital gains are included in the measure of the Washington capital gains tax. Purpose To prevent double taxation. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.577 $0.610 $0.628 $0.641 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this credit would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.597 $0.609 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect January 1, 2025, and impacts 12 months of collections in fiscal year 2026. - Growth rate mirrors the long-term capital gains growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - Individuals with estimated payments: - Will receive refunds in fall 2023, amounting to 12% of the estimated payments. - Will use deductions at the same freq