Text: HF02115 Text: HF02117 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code 1999, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 21A. Subtract, to the extent included,
1 4 the capital gain from the compulsory or involuntary conversion
1 5 of land as a result of condemnation or the imminent threat of
1 6 condemnation where land similar or related in use to the land
1 7 so converted is unavailable.
1 8 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 9 being deemed of immediate importance, takes effect upon
1 10 enactment and applies retroactively to January 1, 2000, for
1 11 tax years beginning on or after that date.
1 12 EXPLANATION
1 13 This bill exempts from the individual state income tax the
1 14 capital gain from the forced sale of land as a result of
1 15 condemnation or the imminent threat of condemnation where
1 16 similar land is unavailable. Current federal tax law includes
1 17 in income so much of the gains from such forced sales that are
1 18 not used to replace that converted property with similar
1 19 property.
1 20 The bill takes effect upon enactment and applies
1 21 retroactively to January 1, 2000, for tax years beginning on
1 22 or after that date.
1 23 LSB 6061HH 78
1 24 mg/cf/24
Text: HF02115 Text: HF02117 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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