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Committee advances scaled proposal to tax large holders of publicly traded financial assets
Summary
Substitute Senate Bill 5,797 — a proposed tax on certain financial intangible assets owned by individuals with at least $50 million in such assets — received a due‑pass recommendation after a substitute reduced the rate and changed revenue destination to the education legacy trust account.
The Senate Ways & Means Committee on April 18 forwarded substitute Senate Bill 5,797, a bill to impose a state tax on certain financial intangible assets (publicly traded stock, publicly traded bonds, mutual funds, exchange‑traded funds) owned by taxpayers with at least $50 million in taxable financial intangible assets.
Committee staff briefed an original revenue estimate of roughly $12.2 billion over a four‑year outlook and an…
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