OLYMPIA, WA (MYBELLINGHAMNOW.COM) – Washington’s new capital gains tax brought in almost $900 million for education and school construction in its first year.

The state Department of Revenue reports that the amount brought in beat forcasts, and may go higher as all returns have not yet been finalized.

The tax is a 7% levy on the sale or exchange of tangible assets like stocks, bonds, business interests or other investments over $262,000.

The first $500 million in revenue from the tax is earmarked for the education legacy trust and the rest goes directly to school construction.

Opponents of the tax call it an unconstitutional income tax, an argument that was turned away by the state Supreme Court.

The U.S. Supreme Court this week refused to hear a challenge to that ruling.

A conservative group has also filed an initiative to overturn the law establishing the tax.