Capital gains relief passes Senate committee

PROVIDENCE — The state Senate’s Finance Committee last week voted 13 to 1 in
favor of eliminating the state’s capital gains tax over a three-year-period. The
bill still needs the full Senate and the state House of Representatives. Debate
before the Senate Finance Committee was familiar, with proponents arguing that
elimination of the capital gains tax could spark job development, while opponents
suggested that it was merely a bonus for the rich and a loss of more than $60
million in annual revenue.