The Bowling Green City Commission voted 4 to 1 tonight to reverse an old interpretation of a tax issue they had from four years ago.
The reverse means the commission decided not to put a tax on capital gains.
The idea of those in favor of reversing the tax is that capital gains are an investment and shouldn't be taxed.
Joe Denning voted to keep the old interpretation.
But Mayor Wilkerson says the current policy could possibly be a deterrent on business. He said "We want Bowling Green to be an investment friendly community, where businesses would feel free to come here and make an investment, make a return on that investment and then turn around and re-invest in our community."
This was just the first reading of the ordinance and will take effect if passed on the second reading later this month.
