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Committee debates ‘financial‑intangible’ tax: 0.8% levy on stocks, bonds and funds above $50 million proposed to fund education
Summary
HB 2046 would create a new property‑style tax on certain financial intangible assets (publicly traded stocks, bonds, mutual funds, ETFs) with a $50 million exemption, taxed at $8 per $1,000 (0.8%) on the value as of Dec. 31 each year; revenues are dedicated to the Education Legacy Trust Account and estimated at $2.4 billion in the first biennium.
House Finance received a staff briefing and wide public testimony on HB 2046 on April 3. The bill would impose an annual tax on the true and fair value of specified financial intangible assets — publicly traded stocks, bonds, mutual funds and exchange‑traded funds — with the first $50 million of such assets per taxpayer exempted.
Under the draft text explained by committee staff, the levy rate is $8 per $1,000 (0.8%), with returns and payments due to the Department of Revenue by April 15 each year and revenues deposited to the Education Legacy Trust Account for K–12, early learning and higher education programs. The draft includes a long list of exemptions (retirement accounts, education savings accounts, state and federal debt instruments, nonfinancial intangibles and assets already taxed by another state among them).
Rochelle Harris, committee staff,…
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