Overview
- Democratic leaders acknowledged the proposal did not advance after a planned House vote fell short of the support needed, though sponsors said they will keep working.
- The measure, known as HJRCA 21, would add a 3% surcharge on income above $1 million, lifting the tax on that slice to 7.95% and splitting the new money between property tax relief and per‑pupil K‑12 funding.
- To reach the November ballot, the amendment must win three‑fifths approval in both chambers by May 3 before going to voters for final approval.
- State analysts estimated the surtax could raise about $2.2 billion based on recent returns, with broader studies placing potential annual revenue in the low billions.
- Opponents warned the tax could hit pass‑through small‑business owners and is not indexed to inflation, and school advocates flagged that per‑pupil distributions ignore district need and could deepen funding gaps.