5096-S.E AMH STOK H1585.1
ESSB 5096 - H AMD TO FIN COMM AMD (H-1547.5/21) 746
By Representative Stokesbary
NOT ADOPTED 04/20/2021
On page 7, after line 22, insert the following:
"NEW SECTION. Sec. 7. In calculating the tax due under this chapter, an individual may elect to claim a lifetime exemption from the tax imposed pursuant to this chapter of $1,000,000 in long-term capital gains. In the case of individuals filing joint returns, each individual is eligible for the full amount of the exemption, which may be combined with the other individual's exemption in calculating the tax due under this chapter. The lifetime exemption may be applied in whole or in part to any tax due pursuant to this chapter until the individual has claimed a total of $1,000,000 in lifetime exemptions for any and all tax years. Once the individual has claimed a total of $1,000,000 in lifetime exemptions, the individual is not eligible to claim additional lifetime exemptions. This exemption is applied after all other applicable exemptions, deductions, and credits are applied."
Renumber the remaining sections consecutively and correct any internal references accordingly.
EFFECT: Provides the option for a taxpayer to claim a lifetime exemption of $1,000,000 in long-term capital gains.
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