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Committee hears broad support and opposition for bill increasing capital gains and estate taxes to fund education
Summary
Senate Bill 5813 would raise capital‑gains rates above $1 million and adjust estate‑tax exclusions and brackets to fund the Education Legacy Trust Account; staff presented multi‑year revenue estimates and dozens testified for and against the proposal.
Senate Bill 5813 would increase funding to the Education Legacy Trust Account (ELTA) by raising some capital‑gains rates and changing estate‑tax exclusions and rates, Ways & Means staff told the committee before a lengthy public hearing on April 16.
Tianyi Lin, committee staff, summarized the bill’s three major parts: an additional 2.9 percentage‑point rate applying to capital gains over $1 million starting tax year 2025; an increase and indexing of the estate‑tax exclusion to $3 million and a change in estate‑tax rates (raising top brackets to as high as 35%); and retroactive application for estates of decedents dying on or after Jan. 1, 2025. Lin also summarized the Department of…
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