WA
Washington House Bill HB1666

Washington 2025-2026 Regular Session

Washington House Bill HB1666

Introduced
1/28/25  

Caption

Repealing the estate tax.

Impact

If enacted, HB 1666 would significantly alter the state's tax structure by removing the estate tax. This change would likely result in a loss of state revenue, raising concerns among lawmakers regarding funding for public services that traditionally rely on these funds, such as education and healthcare. The bill's fiscal implications could prompt a need for adjustments in other areas of taxation or state expenditures to account for the deficit that might arise from this repeal.

Summary

House Bill 1666 focuses on repealing the estate tax in the state. Proponents of the bill argue that the elimination of this tax would stimulate economic growth by allowing individuals to retain more of their wealth, particularly benefitting families making transfer decisions of inherited assets. Furthermore, supporters claim that it would encourage savings and investments, thereby potentially increasing capital available in the economy. The sentiment surrounding the potential economic uplift has garnered respect among business owners and advocates of lower taxation policies.

Sentiment

The sentiment around HB 1666 is mixed. Supporters view the repeal as a means to provide relief to families and promote economic well-being, while opponents argue that it disproportionately advantages the wealthy and could lead to increased inequality. Critics emphasize the potential drawbacks of reduced government revenues, which may impact vital public services and exacerbate fiscal challenges for the state without the estate tax provisions in place.

Contention

Notable points of contention arise from the potential effects of repealing the estate tax on wealth distribution in the state. Opponents assert that the repeal would primarily benefit affluent residents, widening the gap in wealth equity. As discussions revolve around the societal implications, the debate highlights differing perspectives on taxation philosophy—whether to impose taxes on wealth transfers or to prioritize economic growth over revenue generation.

Companion Bills

No companion bills found.

Previously Filed As

WA HB1955

Repealing the greenhouse gas content disclosure provision.

WA HB1011

Repealing the long-term services and supports trust program.

WA HB1056

Repealing some postretirement employment restrictions.

WA SB5479

Repealing the long-term services and supports trust program.

WA SB5349

Repealing some postretirement employment restrictions.

WA SB6248

Modifying the capital gains tax under chapter 82.87 RCW and related statutes by closing loopholes, repealing and replacing the business and occupation tax credit with a capital gains tax credit, clarifying ambiguities and making technical corrections in a manner that is not estimated to affect state or local tax collections, treating spouses and domestic partners more consistently, modifying and adding definitions, creating a good faith penalty waiver, and modifying the publication schedule for inflation adjustments.

WA HB2278

Modifying the capital gains tax under chapter 82.87 RCW and related statutes by closing loopholes, repealing and replacing the business and occupation tax credit with a capital gains tax credit, clarifying ambiguities and making technical corrections in a manner that is not estimated to affect state or local tax collections, treating spouses and domestic partners more consistently, modifying and adding definitions, creating a good faith penalty waiver, and modifying the publication schedule for inflation adjustments.

WA SB5055

Concerning repealing an unconstitutional ban on contracting with private prisons in the state of Washington pursuant to the 9th circuit ruling in The Geo Group v. Newsom.

WA HB1867

Eliminating the estate tax filing requirement for certain estates involving a qualifying familial residence.

WA HB1795

Making the estate tax more progressive.

Similar Bills

No similar bills found.