In an order of consideration filed today, the State Senate responded to the capital gains tax bill passed by the House yesterday with a “Do Not Concur” notice. The Senate also made a request for a caucus conference period, likely to discuss potential changes to the bill.
In order for the bill to win final passage, the Senate needs to either concur with amendments added by the House or decide to stick with the original version passed by the chamber.
The House added language calling the tax “necessary for the support of the state government and its existing public institutions,” which could be a point of contention. Opponents have argued that this langauge would preclude voters from holding a referendum on the bill.
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