Capital Gains Exclusion Changed in Final Budget Bill
The Conference Committee changed the exclusion amount in the final budget bill. The capital gains exclusion will now go from 60% to 30%, except for gains on certain assets used in farming. Previously, the Senate Democratic budget bill sought to remove this exclusion entirely. This change from 60 to 30 percent will result in an estimated increase in taxes collected by over $115 million in 2009-10 and $127 million in 2010-11.