Text: HF00160 Text: HF00162 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, subsection 21, Code 2001, is
1 2 amended by striking the subsection and inserting in lieu
1 3 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. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 8 being deemed of immediate importance, takes effect upon
1 9 enactment and applies retroactively to January 1, 2001, for
1 10 tax years beginning on or after that date.
1 11 EXPLANATION
1 12 This 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, 2001, for tax years beginning on
1 21 or after that date.
1 22 LSB 1392HH 79
1 23 mg/pj/5
Text: HF00160 Text: HF00162 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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