Text: HF02320 Text: HF02322 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code Supplement 1997, is amended
1 2 by adding the following new subsection:
1 3 NEW SUBSECTION. 21A. Subtract the net capital gain from
1 4 the sale of a farm to a beginning farmer, as defined in
1 5 section 175.2. Farm property for which a deduction is taken
1 6 under this subsection shall not be used in any calculation
1 7 under subsection 21.
1 8 A taxpayer who is a partner of a partnership, member of a
1 9 limited liability company, or a shareholder of an S
1 10 corporation may deduct that portion of the net capital gain
1 11 qualified under this subsection from the sale of a farm owned
1 12 by the partnership, limited liability company, or S
1 13 corporation based on the taxpayer's pro rata share of the
1 14 profits or losses from the partnership, limited liability
1 15 company, or S corporation.
1 16 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 17 being deemed of immediate importance, takes effect upon
1 18 enactment and applies retroactively to January 1, 1998, for
1 19 tax years beginning on or after that date.
1 20 EXPLANATION
1 21 The bill provides for a 100 percent deduction of the net
1 22 capital gain from the sale of a farm to a beginning farmer.
1 23 The bill takes effect upon enactment and applies retroactively
1 24 to January 1, 1998, for tax years beginning on or after that
1 25 date.
1 26 LSB 4073HH 77
1 27 mg/jl/8
Text: HF02320 Text: HF02322 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 1998 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Fri Feb 27 03:42:44 CST 1998
URL: /DOCS/GA/77GA/Legislation/HF/02300/HF02321/980218.html
jhf