The_AntiTax_Man
Level 8
4 weeks ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
HF2649 has passed the Iowa House in March 2024, and passed the Iowa Senate on April 19th, 2024, and Iowa Gov Kim likely to sign into law. April 30th Iowa filing deadline is next Tuesday. Nice...
House File 2649
HOUSE FILE 2649 BY COMMITTEE ON WAYS AND MEANS (SUCCESSORTOH SB680) (As Amended and Passed by the House March 19, 2024)
A BILL FOR An Act excluding the net capital gain from the sale of certain
1 livestock from the computation of net income for purposes
2 of the individual income tax, and including retroactive
3 applicability provisions.
4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
5 HF2649(2)90jm/jh/md
1 the following new subsection:
2 NEW SUBSECTION. 44.a. For purposes of this subsection,
3 “held” shall be determined with reference to the holding period
4 provisions of section 1223 of the Internal Revenue Code and the
5 federal regulations pursuant there to.
6 b. Subtract the net capital gain from the following:
7(1) The sale of cattle or horses held by the tax payer for
8 breeding, draft, dairy, or sporting purposes for a period
9 of twenty-four months or more from the date of acquisition,
10 but only if the tax payer received more than one-half of the
11 taxpayer’s gross income from farming or ranching operations
12 during the tax year.
13(2)The sale of breeding livestock, other than cattle or
14 horses, held by the taxpayer for a period of twelve months or
15 more from the date of acquisition, but only if the taxpayer
16 received more than one-half of the taxpayer’s gross income from
17 farming or ranching operations during the tax year
18c. A retired farmer as defined in subsection13 is not
19 eligible for the exclusion in this subsection if taking the
20 exclusion allowed in subsection 13, paragraph “c” or “d”, in the
21 same tax year.
22 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies
23 retroactively to January 1, 2023, for tax years beginning on
24 or after that date
Labels
