The proposed bill, General Assembly Proposed Bill No. 104, seeks to amend title 12 of the general statutes to introduce a capital gains surcharge. This surcharge will apply to taxpayers whose Connecticut adjusted gross income meets or exceeds the threshold for the highest and second highest marginal tax rates as specified in section 12-700 of the general statutes. Specifically, the bill proposes a surcharge of one percent for the highest marginal rate and seventy-five-hundredths percent for the second highest marginal rate on the net gain from the sale or exchange of capital assets.

The bill aims to establish this surcharge as a means of generating additional revenue from higher-income individuals who benefit from capital gains. By targeting those with adjusted gross incomes above a certain threshold, the legislation seeks to ensure that the tax burden is placed on those who can afford to contribute more to the state's finances.