The bill introduces a new provision allowing taxpayers to prepay their capital gains taxes up to six months before the due date for filing and payment. This prepayment option is available for taxpayers who owe taxes under chapter 82.87 RCW for a taxable year, and it stipulates that payments must be made in the manner prescribed by the department. Additionally, if the department determines that a taxpayer has overpaid their taxes for that year, no interest will be assessed for the period before the due date.

Furthermore, the bill amends RCW 82.87.020 to clarify definitions related to capital gains, including the term "federal net long-term capital gain," which is now defined as if certain sections of the Internal Revenue Code did not exist, specifically including the addition of section 164. The bill also maintains existing definitions for terms such as "capital asset," "long-term capital gain," and "taxpayer," ensuring consistency in the application of the law.

Statutes affected:
Bill as passed Legislature: 82.87.020
Session law: 82.87.020