Increases funding for the education legacy trust account by implementing a progressive capital gains tax and modifying the estate tax.

The bill introduces a progressive capital gains tax on long-term capital gains exceeding $1,000,000, set at 2.90 percent. It also modifies the estate tax by increasing the top tier rates up to 35 percent and raising the exclusion amount to $3,000,000. The revenue generated from these taxes will fund the education legacy trust account, supporting public K-12 education, early learning, and higher education. The changes are intended to make progress toward rebalancing the state's tax code and ensuring a fair, balanced tax system.

Increases funding for the education legacy trust account by implementing a progressive capital gains tax and modifying the estate tax.

The bill introduces a progressive capital gains tax on long-term capital gains exceeding $1,000,000, set at 2.90 percent. It also modifies the estate tax by increasing the top tier rates up to 35 percent and raising the exclusion amount to $3,000,000. The revenue generated from these taxes will fund the education legacy trust account, supporting public K-12 education, early learning, and higher education. The changes are intended to make progress toward rebalancing the state's tax code and ensuring a fair, balanced tax system.