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Finance, Revenue and Bonding Committee reserves statewide mill-rate and capital gains proposals for public hearings
Summary
The Finance, Revenue and Bonding Committee voted to reserve two tax proposals—SB 741, a statewide property tax on certain residential real property, and SB 742, a capital gains surcharge—for subject-matter public hearings; members emphasized the vote was to hold hearings, not to advance the underlying measures.
The Finance, Revenue and Bonding Committee voted to reserve two proposed bills—Senate Bill 741, concerning a statewide property tax on certain residential real property, and Senate Bill 742, proposing a capital gains surcharge—for subject-matter public hearings.
The committee’s chair clarified that the votes were procedural: reserving each bill for a hearing does not mean the committee endorses the underlying proposal. "The motion here is not to pass out of committee. It is a motion to reserve the bill for a hearing," the chair said.
Senator Fazio opposed reserving SB 741 for a hearing and spoke at length about the proposal’s implications. "We've seen this proposal in years past. I continue to have concern…
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