Article VIII, § 24-b — CAPITAL GAINS TAX PROHIBITED

(a) Subject to Subsection (b) of this section, the legislature may not impose a tax on the realized or unrealized capital gains of an individual, family, estate, or trust, including a tax on the sale or transfer of a capital asset that is payable by the individual, family, estate, or trust selling or transferring the asset. (b) This section may not be construed as modifying the applicability or prohibiting the imposition or change in the rate of: (1) an ad valorem tax on property; (2) a sales tax on the sale of goods or services; or (3) a use tax on the storage, use, or other consumption in this state of goods or services.