State capital gains tax repeal fails

COLFAX – A citizen’s initiatie to repeal the state’s capital gains tax appears to have failed.

At press time on Election Day, Tuesday, Nov. 5, Initiative 2109 only had support from 923,017, (36.68%) voters statewide. There were 1,593,095 votes (63.32%) opposed.

Initiative 2109 would have repealed an excise tax on the sale or exchange of long-term capital assets by individuals who have annual capital gains of more than $250,000. Some of those gains could come from the sale of homes and businesses, among other capital assets.

In 2021, the Legislature created the tax on long-term capital assests,...