Text: HF02131 Text: HF02133 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, subsection 21, Code Supplement
1 2 1997, is amended by striking the subsection and inserting in
1 3 lieu thereof the following:
1 4 21. Subtract to the extent not otherwise excluded the
1 5 taxpayer's net capital gain as defined in section 1222 of the
1 6 Internal Revenue Code.
1 7 Sec. 2. This Act, being deemed of immediate importance,
1 8 takes effect upon enactment and applies retroactively to
1 9 January 1, 1998, for tax years beginning on or after that
1 10 date.
1 11 EXPLANATION
1 12 The bill eliminates the taxation of an individual's net
1 13 capital gain under the individual income tax. An individual's
1 14 net capital gain equals the excess of the gains from the sales
1 15 or exchanges of long-term capital assets over the losses from
1 16 such sales or exchanges minus the excess of losses from the
1 17 sales or exchanges of short-term capital assets over the gains
1 18 from such sales or exchanges.
1 19 The bill takes effect upon enactment and applies
1 20 retroactively to January 1, 1998, for tax years beginning on
1 21 or after that date.
1 22 LSB 3026HH 77
1 23 mg/cf/24
Text: HF02131 Text: HF02133 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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