WASHINGTON - Several new laws will be going into effect in Washington state come Jan. 1, 2022.
Here's what Washingtonians can expect in the new year:
On the first day of the year, Washington state's minimum wage will increase to $14.49 an hour, which is up from the current minimum wage of $13.69.
The federal Bureau of Labor Statistics contributed the increase in the price index to a rise in housing, gas, household furnishings and food.
The state minimum wage applies to workers age 16 and older. Under state law, employers can pay 85% of the minimum wage to workers ages 14-15. For 2022, the wage for that younger group will be $12.32 per hour.
Seattle and SeaTac both have higher minimum wages than the state, currently at $16.69/hour and $16.57/hour, respectively.
A new capital gains tax on high-profit stocks, bonds and other assets was signed into law in April.
It's a 7% tax on the sale of stocks, bonds, and other high-end assets in excess of $250,000 for both individuals and couples, and is expected to bring in $415 million in 2023, the first year the state would see money from the tax, which would start in January 2022.
Retirement accounts, real estate, farms and forestry are exempt from the tax. Business owners are also exempt from the tax if they are regularly involved in running the business for five of the previous 10 years before they sell, own it for at least five years, and gross $10 million or less a year before the sale.
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