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Bill to expand capital‑gains and estate taxes draws broad public support and opposition at committee hearing
Summary
Senate Bill 5813 would increase a capital‑gains surcharge on gains over $1 million and raise estate‑tax rates and the exclusion amount; staff and supporters said the revenue would be dedicated to the Education Legacy Trust Account to support K–12 and higher‑education funding, while opponents said it would hurt investment and small businesses.
Senate Bill 5813 would change the state’s capital‑gains excise tax and the estate tax to increase revenue deposited into the Education Legacy Trust Account, staff told the Ways & Means Committee at a public hearing.
Tianyi Lin, committee staff, summarized the bill's three parts: a new 2.9% surcharge on capital gains above $1 million beginning in tax year 2025; an increase in the estate-tax exclusion to $3 million and an increase in estate‑tax top rates to a range topping at 35% (with tabled brackets described in the bill report); and application of some…
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