An act relating to creating a wealth tax commission

H.620 creates a temporary Wealth Tax Commission to study how to tax wealth and investment gains currently excluded from income taxation in Vermont. The commission, composed of two legislative members and two state agency heads, will examine practical issues like valuing nonpublic assets, handling taxpayers moving between states, and coordinating with other states on uniform tax approaches. It must submit a report by November 2027 to the House and Senate finance committees with findings and recommendations. The bill does not implement a wealth tax but directs the commission to research policy options and best practices. This study aims to inform future legislative decisions about potential wealth taxation.