H.B. 1660 Summary

• Repeals preferential capital gains tax rate of 7.25% and imposes ordinary income tax rates on net capital gains for individuals, estates, and trusts instead.

• Projected to generate over $132 million in first year of implementation, rising to an estimated $187 million within six years.

• Revenue intended to support tax credits for working families, emergency preparedness, public education, affordable housing, mental health services, childcare access, climate adaptation, and homeless services.

• Applies to taxable years beginning after December 31, 2023, with effective date of July 1, 3000 (date appears to be a drafting error).