Imposes a tax on individuals for the privilege of selling or exchanging long-term capital assets or receiving Washington capital gains.

Allows a business and occupation tax deduction against a person's gross income of the business to the extent necessary to avoid taxing the same amounts under chapter 82.04 RCW and section 102 of this act.

Authorizes the department of revenue to enter into reciprocal tax collection agreements with the taxing officials of any other state imposing a specified tax.

Increases the business and occupation tax rate on certain services.