H.620, introduced by Representative Waszazak of Barre City, proposes the establishment of a Wealth Tax Commission tasked with studying the taxation of wealth and investment gains that currently evade income taxation. The commission will consist of members from both the House and Senate, as well as the Commissioners of the Department of Financial Regulation and Taxes. It will receive administrative support from the Joint Fiscal Office, which will hire a facilitator knowledgeable in wealth taxation. The commission's responsibilities include examining policy considerations, implementation issues, and coordinating with other states to develop a uniform approach to taxing wealth and investment gains.

The commission is required to report its findings and recommendations to the House Committee on Ways and Means and the Senate Committee on Finance by November 1, 2027. It will address various issues, such as residency criteria for taxation, valuation of nonpublic assets, and the coordination of tax laws across states. The commission will also explore the legal considerations of enacting a wealth tax and the potential for interstate cooperation. The bill includes provisions for the commission's meetings, quorum requirements, and compensation for legislative members, as well as an appropriation of $125,000 for its operations. The act will take effect upon passage.