OLYMPIA, WA (MYBELLINGHAMNOW.COM) – An initiative aimed at killing Washington’s new capital gains tax is a step closer to going before voters. Secretary of State Steve Hobbs says his office has verified petition signatures and certified Initiative 2111.

If lawmakers ignore or reject the initiative it will go on the ballot in November. They can also craft an alternative that would appear on the ballot alongside the original initiative. But action by the Democratic majority in Olympia that crafted and passed the tax is considered unlikely.

The conservative group behind the initiative hopes to undo the 7% tax on the sale of stocks, bonds and other tangible assets over $250,000. They claim it’s an income tax that’s banned by the state constitution, an argument that was rejected by Washington’s Supreme Court.

The tax brought in a higher-than anticipated $900 million in its first year. Revenue collected from the tax is earmarked for education and school construction around the state.