One is Initiative No. 2109. This ballot item will determine how Washington State taxes capital gains over $250,000 going forward. This initiative, if passed, will repeal the capital gains tax under the following parameters. If it fails, the tax will remain in place.

Voters in Washington have voted down Initiative 2109 in the November 2024 election. This means the 7% excise tax will remain on the books. The Associated Press called the race at 8:43 p.m. on election night.

Early election results indicate that a majority of voters have rejected Initiative Measure 2109, with 63% of voters voting against it while 37% voted in favor.