The bill proposes an income tax adjustment for unrealized capital gains. This would require individuals to pay taxes on the increase in value of their assets, even if those gains have not been realized through a sale. The main purpose is to generate additional tax revenue by taxing accrued wealth. It could significantly impact high-net-worth individuals and investors who hold appreciating assets, potentially leading to increased tax liabilities for them.
2024-01-16: Date of introduction
2024-01-17: Referred to Revenue Committee
2024-02-15: Notice of hearing for February 22, 2024
2024-04-18: Indefinitely postponed
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