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Committee hears testimony for higher top rate on capital gains and increased estate tax exclusion, supporters cite education funding
Summary
Senate Bill 58 13 would create a new 9.9% top tier on capital gains above $1 million and increase the estate tax exclusion to $3 million with inflation indexing. Supporters said the changes protect education and social programs; opponents raised concerns about small business transition rules and administrative complexity.
A legislative committee heard public testimony April 21 on Senate Bill 58 13, a proposal to change the state’s capital gains excise tax and to alter estate‑tax exclusion amounts and deductions. The bill would keep the capital gains base but add a higher 9.9% tier for gains over $1,000,000, raise the estate tax exclusion to $3,000,000 indexed to inflation, increase the qualified family‑owned business deduction, and apply new estate tax bracket rates beginning in 2025 with an emergency clause in the text.
Tracy Taylor, committee staff, summarized the current law and the bill’s changes: the state’s capital gains excise tax is currently 7% with a standard deduction; the bill would apply 7% up to $1…
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