Prohibits the taxation of unrealized gains

SJR 3 is a proposed constitutional amendment that would prohibit Missouri from taxing unrealized gains on assets. If approved by voters, it would amend Missouri's Constitution to state that no taxes can be imposed on increases in an asset's value (like stock or property appreciation) before the asset is sold. This would directly affect Missouri residents who hold assets that increase in value, such as stocks, real estate, or other investments. The amendment requires voter approval at the November 2026 general election or a special election called by the governor.