An act relating to increasing taxes on higher income earners and creating the School Construction Aid Special Fund

Summary

The legislation imposes a 2% surcharge on adjusted gross income over $250,000 and a 6% surcharge on income over $500,000, adds a 4% wealth‑proceeds tax for high‑income individuals, estates and trusts, and sets a higher property tax rate for non‑homestead residential parcels. It also creates the School Construction Aid Special Fund to support school building projects. The measures target wealthier taxpayers to generate revenue for education and other state programs.

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