Capital Gains Tax Advances to the Senate Floor

Senate Bill 5096, legislation proposing a Capital Gains Tax, was pulled from the Rules Committee and now heads to the Senate floor for a vote.

"Our Republican caucus has been focused a lot on what the potential floor debate would be if it comes to the floor," said 12th District Senator Brad Hawkins.

The Senate has 49 members, with 28 members of the Democratic Caucus and 21 members of the Republican Caucus.

"What we're (the Republican Caucus) is trying to do is work on amendments," said Senator Hawkins. "We could, for example, add a referendum clause onto this bill so even if the legislature does pass it and the governor signs it, would it be required to go to the vote of the people this fall?"

Senator Hawkins stated he will vote against the bill.

Senate Bill 5096 would impose a 7-percent tax on the sale or exchange of certain investments over 250-thousand dollars annually.