State Senate approves capital gains income by a single vote

The Senate on March 6 voted 25-24 to pass Senate Bill 5096, a proposal that seeks to create a state income tax on capital gains. The Senate’s passage of a state income tax is beyond disappointing, although not entirely unexpected. This proposal has been a concern of mine for the past few years, and it finally advanced. In the past, the Senate has been a helpful backstop against new tax proposals....