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House passes H.949, shifting homestead yields and education finance tweaks; progressive wealth tax idea sent to committee
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Summary
The House passed H.949 on third reading after sponsors withdrew a progressive 'wealth proceeds' amendment and secured a commitment that the idea will be considered in Ways and Means. The bill addresses homestead property tax yields, non-homestead rates and technical changes to education finance.
On third reading the Vermont House passed H.949, an act addressing homestead property tax yields, the non-homestead property tax rate, and technical changes to education finance.
Representative Logan (Burlington) described a progressive caucus amendment that would have created a 4% wealth proceeds tax on passive investment income for high-income Vermonters, estimating it could generate about $75 million annually for the education fund. He said the idea is grounded in ensuring income derived from wealth contributes toward public education and thanked House leadership for agreeing to refer the proposal to the House Ways and Means Committee for public testimony and a vote. With leave granted to withdraw the floor amendment, H.949 proceeded to third reading and passed on the floor.
The House record shows the bill was presented for third reading and, after members were called for the question, the yeas were recorded by voice as having it and the bill was passed.
