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
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