Personal Income Tax: Capital Gains And Losses.

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PERSONAL INCOME TAX: CAPITAL GAINS AND LOSSES. INITIATIVE. Amends and repeals provisions of Personal Income Tax Law dealing with capital gains and losses. Provides that all capital gains are taxed at ordinary income rates, except that only 50% of the gain from the sale of a principal residence is recognized as income. Provides that capital losses are deductible to extent of capital gains plus $2,000. Provides for $2,000 capital loss carry forward.