内容来源：https://www.geekwire.com/2026/washington-proposal-to-tax-startup-exits-sparks-backlash-from-seattle-tech-leaders/

内容总结：

华盛顿州一项拟议中的新税法修正案，正引发当地科技创业圈的高度关注与担忧。根据州参议院第6229号法案及其众议院配套法案2292，华盛顿州计划对符合联邦“合格小型企业股票”（QSBS）免税条件的股权收益开征州资本利得税。这意味着，初创企业创始人、早期员工及投资者未来在股权退出时，将面临额外的州税负，个人需缴纳的税款可能高达数万乃至数十万美元。

QSBS制度是联邦层面为鼓励初创企业投资而设立的长效激励政策，符合持股年限及企业资质要求者可享受最高100%的联邦资本利得税豁免。华盛顿州现行资本利得税政策基本遵循联邦应税收益定义，并未明确排除QSBS待遇。但新提案将改变这一做法，计划自2026年1月1日起对相关收益征税，且不影响联邦层面的原有税收优惠。

该提案在创业投资界激起强烈反响。华盛顿科技产业协会政府事务主管艾米·哈里斯指出，此举“削弱了华盛顿州为数不多真正奖励创业风险的政策”，可能向本土初创企业传递“在华盛顿创业，却应去别处规划成功”的错误信号。西雅图风险投资家莱斯利·费恩扎格称，这对选择投身初创企业的创业者与早期员工而言是“灾难性的”，可能导致人才外流与投资减少。

也有不同声音出现。前Facebook高管、Delta基金创始人布莱恩·博兰德认为，相比联邦长期资本利得税最高20%的税率，创业者与投资者仍将享受显著税收优惠，且其创业所依赖的公共基础设施正由税收支撑。

从业者指出，该法案若通过，可能影响初创企业的人才招募与融资谈判。天使投资平台AngelList研究员阿贝·奥斯曼警告，最大的风险或许不是即时的人才企业外流，而是未来10至15年内华盛顿州创业生态的缓慢衰退。

该提案的提出正值华盛顿州面临预算赤字及税制改革讨论的背景下。作为少数不征收个人所得税或公司所得税的州之一，华盛顿州预计2027年前运营预算缺口达23亿美元。去年该州已通过法案，自2025年起将资本利得税改为累进税率（100万美元以下收益征7%，以上部分征9.9%）。今年立法机构还考虑针对年收入超百万美元居民开征“百万富翁税”。

税务基金会分析指出，此类税收政策可能加剧该州对高收入群体、尤其是科技行业人才的吸引力下降。据税收与经济政策研究所统计，华盛顿州目前拥有全美第二高的累退性州地方税制。

法案已定于1月27日举行公开听证，众议院财政委员会与参议院筹款委员会将分别听取公众意见。提案发起人之一、州参议员诺埃尔·弗雷姆尚未回应置评请求。目前加利福尼亚、宾夕法尼亚等少数州也未完全采纳联邦QSBS税收待遇。

中文翻译：

西雅图地区的初创企业领袖表示，华盛顿州一项扩大资本利得税征收范围的新提案，可能促使创始人和投资者转向其他地区创办公司。

参议院第6229号法案（及配套的众议院第2292号法案）将对符合联邦免税条件的合格小型企业股票（QSBS）交易利润征收资本利得税。这意味着接受股权替代更高薪酬的初创企业创始人或早期员工，最终在收购或IPO时出售股份将需要向州政府纳税，早期初创企业的投资者同样面临此项税收。根据股权价值，该提案可能导致每人承担数万甚至数十万美元的税负。

听证会安排：两项法案均定于1月27日（周二）举行公开听证会。众议院财政委员会将于上午8点召开听证会，参议院筹款委员会则于下午4点举行会议。两场听证会均接受远程证词，各法案也开放在线书面证词提交。

政策变化解析：QSBS是联邦长期实施的激励政策，旨在补偿创办和投资年轻公司所承担的风险。若满足严格条件（包括持股至少五年、公司发行股票时符合联邦资产限制等），创始人、早期员工和投资者最高可免除100%的联邦资本利得税。华盛顿州2021年通过的现行资本利得税法基本沿用联邦应税收益定义，未明确排除QSBS待遇。而SB 6229法案将颠覆这一做法，该变更适用于2026年1月1日及之后获得的收益。提案不影响联邦税收，符合《国内税收法典》第1202条规定的收益仍享受联邦豁免。

业界反应：华盛顿科技产业协会政府事务主管艾米·哈里斯指出，该提案"削弱了华盛顿州为数不多真正奖励创业风险的政策"，她向GeekWire表示这"传递了完全错误的信号，实质上是告诉本土初创企业：可以在华盛顿创立，但请去别处规划成功"。西雅图风险投资家莱斯利·范赞称此举对做出"极度非理性冒险选择"的创业者与早期员工将是"灾难性的"，她在LinkedIn撰文警告："若地方层面取消优势，多数潜在创业者要么放弃创业，要么迁往他处，潜在投资者也会减少对本州的资金配置。"另一位西雅图地区资深投资者戴夫·帕克在LinkedIn发帖表达了类似观点，认为该法案将导致"人才流失"。

不同声音：并非所有投资者都持反对意见。前Facebook高管、Delta Fund创始人布莱恩·博兰在回应范赞的帖子时指出，相比最高20%的联邦长期资本利得税率，创业者与投资者仍能获得可观的税收优惠。他写道："法案只是将多数人从未体验过的零收益税，调整为较低的收益税。敢于冒险的创业者本就期待更高回报和自主建业的机会，但这不应成为他们免除纳税义务的理由——这些税收正是用于建设他们实际依赖的商业基础设施。他们仍然享受着惊人的税收减免！"

实际影响：为创始人及早期公司提供法律咨询的Foundry Law Group管理律师马杜·辛格认为，该提案可能改变初创企业招募人才和谈判投资条款的方式："若人才知晓自己可能因[QSBS]被征税而无法获得全额收益，他们还会选择加入吗？"初创企业投资平台AngelList西雅图研究员阿贝·奥斯曼指出，最大风险或许不是即时撤离，而是华盛顿州初创企业生态的缓慢侵蚀："成功案例仍会出现，但那将是偶然幸运。不会再有人特意迁至西雅图创业。这些影响可能在10到15年后才会显现，但一旦出现就将难以逆转。"目前加利福尼亚、宾夕法尼亚、阿拉巴马和密西西比等少数州也未完全遵循联邦QSBS待遇。

GeekWire已联系SB 6229法案发起人诺埃尔·弗雷姆参议员征求意见，若获回复将更新报道。HB 2292法案由五位议员联合发起：众议员艾普丽尔·伯格、麦琳·泰、贾尼斯·赞、达维娜·杜尔和克里斯汀·里夫斯。

宏观税收背景：QSBS提案的提出正值华盛顿州税收结构与财政收入需求引发广泛辩论之际。据《华盛顿州标准报》报道，这个全美少数不征收个人或企业所得税的州，面临2027年前运营预算23亿美元的缺口。华盛顿州现行资本利得税税率为7%，针对股票债券销售收益超过27.8万美元的部分（房地产、退休账户等收益除外）。该税种2024年净收入达5.606亿美元，较2023年的4.186亿美元有所增长。去年州政府通过法案创建累进税率结构：100万美元以下收益按7%征税，超过部分按9.9%征税，该变更自2025纳税年度生效。今年立法机构预计审议所谓的"百万富翁税"，对年收入超百万美元的州居民征收所得税，该税种预计2029年才产生收入。税收基金会分析指出，拟议的百万富翁税"将使该州对高收入者吸引力持续下降，尤其影响本州关键的科技行业"。根据税收与经济政策研究所数据，华盛顿州拥有全美第二倒退的州地方税收体系。

英文来源：

Startup leaders in the Seattle region say a new proposal to expand the capital gains tax in Washington state could spur founders and investors to build companies somewhere else.
SB 6229 (and a companion HB 2292) would apply the capital gains tax to profits from the sale of qualified small business stock, or QSBS, even when gains are fully exempt under federal law.
That means a startup founder or early employee who takes stock instead of a bigger salary would owe tax to the state when they ultimately sell the shares, which typically happens at acquisition or IPO. Investors who back early-stage startups would face the same tax.
Depending on the value of the equity, the proposal could translate into tens or even hundreds of thousands of dollars in taxes per person.
Hearings: There are public hearings scheduled on Tuesday, Jan. 27 for both bills. The House Committee on Finance will have a hearing at 8 a.m., while the Senate Committee on Ways & Means will meet at 4 p.m. Remote testimony is available for both hearings, as well as written testimony online for each bill.
What would change: QSBS is a long-standing federal incentive designed to reward the risk of starting and funding young companies. Founders, early employees, and investors can exclude up to 100% of eligible gains from federal capital gains taxes if they meet strict requirements, including holding the stock for at least five years and the company meeting federal asset limits at the time the stock was issued.
Washington’s existing capital gains tax law, approved in 2021, generally follows federal definitions of taxable gains and did not explicitly reject QSBS treatment.
SB 6229 would reverse that approach. The change would apply to gains earned on or after Jan. 1, 2026. The proposal would not affect federal taxes, which would continue to exempt qualifying gains under Section 1202 of the Internal Revenue Code.
Reaction: Amy Harris, director of government affairs for the Washington Technology Industry Association (WTIA), said the proposal “weakens one of the few policies Washington has that actually rewards startup risk.” Harris told GeekWire it “sends exactly the wrong signal, effectively telling homegrown startups to build in Washington, but plan their success somewhere else.”
Seattle-based venture capitalist Leslie Feinzaig called the proposal “catastrophic” for entrepreneurs and early employees who make the “extraordinarily irrational, risky” choice to work at burgeoning startups.
“On a local level, remove the advantage, and most would be entrepreneurs will either NOT start new businesses, or take their business elsewhere,” Feinzaig wrote on LinkedIn. “And would-be investors will allocate less to the state.”
Dave Parker, another longtime Seattle-area investor and advisor, shared a similar sentiment, noting in a LinkedIn post that the law would result in a “talent drain.”
Counterpoint: But not all investors are voicing disapproval. In a response to Feinzaig’s post, Brian Boland, a former Facebook exec and founder of Delta Fund, argued that founders and investors would still receive a substantial tax advantage compared with the standard federal long-term capital gains rate, which tops out at 20%.
“The bill moves from zero tax on gains which most people never get to experience to a smaller tax on gains,” Boland wrote. He added: “For risk-taking entrepreneurs they take the risk expecting a larger upside and the ability to build their own Enterprise. That shouldn’t excuse them from participating in taxes that pay for infrastructure that they use to actually build their business. And they are still getting an incredible tax relief!”
Practical impact: Madhu Singh, managing attorney at Foundry Law Group who advises founders and early-stage companies, said the proposal could reshape how startups recruit talent and negotiate investment terms.
“If that talent knows they could potentially be taxed and lose out on the full value of [QSBS], will they commit?” she noted.
Abe Othman, a Seattle-based researcher at startup investment platform AngelList, said the biggest risk may not be an immediate exodus, but a slow erosion of Washington’s startup pipeline.
“You’d still see successful startups but they will be happy accidents, and nobody will relocate to start their company in Seattle,” he said. “Those effects wouldn’t be obvious for 10–to-15 years, but once they show up, they’ll be slow or impossible to reverse.”
A handful of other states — including California, Pennsylvania, Alabama, and Mississippi — don’t fully conform to federal QSBS treatment.
GeekWire contacted Sen. Noel Frame, the sponsor of SB 6229, for comment. We’ll update this story if we hear back. Five lawmakers are sponsoring HB 2292: Reps. April Berg, My-Linh Thai, Janice Zahn, Davina Duerr, and Kristine Reeves.
Larger tax landscape: The QSBS proposal is arriving amid broader debates over Washington’s tax structure and revenue needs. Washington, one of a few states without a personal or corporate income tax, is facing a budget shortfall of $2.3 billion in the current operating budget that runs through 2027, according to the Washington State Standard.
Washington’s 7% tax on capital gains applies to gains above $278,000 from the sale of stocks and bonds, excluding revenue from real estate and retirement accounts, among other exceptions. Net payments from the tax came in at $560.6 million in 2024, up from $418.6 million in 2023.
Last year the state passed a bill that increased the capital gains tax by creating a progressive rate structure — 7% on gains up to $1 million, and 9.9% on gains above $1 million. That change was effective starting with tax year 2025.
This year, lawmakers are expected to consider a so-called “millionaire’s tax” that would create an income tax on Washington state residents earning more than $1 million per year. Revenue from that tax would not be generated until 2029.
An analysis from the Tax Foundation concluded that the proposed millionaire’s tax “would make the state increasingly undesirable for high earners, particularly in the state’s crucial tech sector.”
Washington state has the second-most regressive state and local tax system in the country, according to the Institute on Taxation and Economic Policy.