An act relating to increasing taxes on higher income earners and creating the School Construction Aid Special Fund

H.794 creates new tax rates for higher earners and modifies property taxes to fund school construction. It imposes a 2% surcharge on individual income above $250,000 and a 6% surcharge above $500,000, plus a wealth proceeds tax on individuals (with taxable income over $200,000 single/$250,000 married) and estates/trusts (over $15,200). It also doubles property tax rates for nonhomestead residential properties compared to homesteads. All new revenues will flow into the newly created School Construction Aid Special Fund.