The Senate Dem budget proposal will include the removal of the oil profits tax and will eliminate the capital gains exclusion, according to a source familiar with the proposal.

Eliminating the capital gains exclusion will bring in about $300 million in revenue over the biennium which will be used to replace the money the oil profits tax would have collected, according to the source.

The LFB summary of the Senate Democrats' budget plan has not yet been released. The floor session is scheduled to begin at 1 p.m.

-- By Greg Bump