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After hours of debate across two days, the Washington state House to approve a 7% capital gains tax, passing the measure by a narrow 52-46 margin.

Washington Rep: Capital gains tax is just 鈥榩arity in the tax code鈥�

Originally sponsored by Democratic Sen. June Robinson, the first iteration of would have levied a 9% tax on gains from the sale of things such as stocks, bonds, and other assets above $25,000 for individuals, and $50,000 for couples. That would have affected about 42,000 taxpayers and brought in about $975 million in the first year, according .

When the bill cleared the state Senate’s Ways and Means committee, it was reduced to a 7% tax on gains of $250,000 for individual and joint filers, along with several other changes, such as excluding the sale of all real estate and creating an exclusion for a 鈥渜ualified family-owned small business.鈥�

Proponents argue that the tax is desperately needed to balance disparity in Washington’s tax code, with Democratic Rep. Marcus Riccelli calling it “an important tool for progressive tax reform.”

The cap gains excise tax is an important tool for progressive tax reform & the money will invest in childcare, early learning and our families. Median Household Income of the people I represent is $45,944, state average is $73,775. I am voting yes for them.

— Marcus Riccelli (@marcusriccelli)

On the other side of the aisle, Republicans argue that it’s an income tax in disguise, citing the fact that other income tax proposals have frequently failed at the ballot box and been struck down in state courts as unconstitutional.

Opinion: History of Washington鈥檚 income tax shows why we need it

鈥淎n income tax is well-understood. Capital gains are form of income, so every jurisdiction in the country 鈥� state, local, and federal 鈥� treats capital gains taxes as income taxes because that鈥檚 in fact what they are,鈥� former Republican state Attorney General Rob McKenna told 成人X站 Radio’s Dave Ross in February.

The bill now heads back to the state Senate for concurrence after the House made changes to the legislation, including the addition of an emergency clause that would prevent it from being repealed in a voter referendum. That could prove to be a sticking point, though, given that Democratic Sen. Steve Hobbs had previously stripped out that very same emergency clause in the state Senate.

The measure passed by a razor-thin 25-24 margin in the state Senate in early March, leaving little room for error as lawmakers approach the end of the legislative session.