Washington state’s capital gains tax has brought in almost $890 million in its first year, exceeding initial expectations of bringing in at least $500 million annually for early childhood education programs.

The state Department of Revenue reports 3,765 returns filed, with total payments of more than $943 million received and more than $33 million in refunds issued to date. Nearly $21 million in estimated outstanding credits/refunds remain, according to the DOR.

That translates into an estimated net total of more than $889 million in capital gains tax revenue for the state.

Mikhail Carpenter, DOR communications manager, provided some background on capital gains tax payments.

[I’m sure it will, until everyone who CAN move out of the state DOES. ~ Beege]