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Senate Ways and Means advances 'millionaires' tax' after hours of amendment fights
Summary
The Senate Ways and Means Committee advanced substitute Senate Bill 6,346, a new tax on individual income over $1,000,000, after extensive debate over more than a dozen amendments covering charitable deductions, small‑business credits, diaper tax exemptions and constitutional limits; the substitute was recommended to the Rules Committee subject to signatures.
The Senate Ways and Means Committee on Feb. 9 advanced substitute Senate Bill 6,346, a proposal to impose a state tax on individuals earning more than $1,000,000 a year, after extended staff briefing and floor debate. Jeff Mitchell, committee staff, told members the bill would begin collections in fiscal year 2029 and that the four‑year revenue estimate is $2.5 billion with approximately $147 million in four‑year expenditures. "Senate Bill 6,346, this is the bill establishing a tax on individuals earning in excess of $1,000,000," Mitchell said during the staff briefing.
Sponsor Senator Petersen framed the substitute as an…
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