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Senate ways-and-means committee advances substitute for 'millionaire's tax' after contentious debate
Summary
On Feb. 9, 2026, the Senate Ways and Means Committee voted to advance substitute Senate Bill 6,346 — a proposed income tax on individuals earning more than $1 million — to the Rules Committee after lengthy debate over constitutionality, fiscal impacts and targeted exemptions. The substitute and a series of amendments were considered; the substitute received a due-pass recommendation subject to signatures.
The Senate Ways and Means Committee advanced substitute Senate Bill 6,346, a proposal to impose a state income tax on individuals with more than $1,000,000 in income, during an executive session on Feb. 9, 2026.
Jeff Mitchell, staff to the committee, opened the day with a detailed briefing on the substitute and its fiscal picture, telling senators the bill would begin collections in fiscal year 2029 and produce an estimated $2.5 billion in revenue over four years while increasing four‑year expenditures by about $147 million. He described the sponsor’s proposed substitute and listed 11 amendments to the substitute addressing issues ranging from distribution formulas to charitable deductions and implementation details.
Sponsor Senator Petersen framed the substitute as designed to protect small businesses while targeting higher incomes. “We’re…
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