Calif. lawmakers poised to pass tax cut

The California State Senate appears poised to pass the tax cut that has been the industry's top legislative priority for the year. The bill, AB 564, which could pass the upper chamber as soon as this morning, would repeal the 15% to 19% excise tax hike which took effect July 1. 

California's sputtering industry has portrayed the issue in existential terms, arguing that higher taxes drive customers to the illegal market. Even if the bill becomes law, it's a limited win for the . . .