Text: HF02118 Text: HF02120 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 Supplement 2003, is amended
1 2 by adding the following new subsection:
1 3 NEW SUBSECTION. 44. a. Subtract, to the extent not
1 4 otherwise excluded, the first twenty-five thousand dollars of
1 5 the gain from the sale of a work of fine art or written
1 6 material where the sale is made by the artist or author, by an
1 7 art dealer on consignment from the artist, or by an agent on
1 8 behalf of the author.
1 9 b. For purposes of this subsection:
1 10 (1) "Art dealer", "artist", "consignment", and "fine art"
1 11 mean the same as those terms are defined in section 556D.1.
1 12 (2) "Written material" means an article, book, essay,
1 13 poetry, play, script, or story written by an individual on a
1 14 professional, freelance basis and not as an employee of
1 15 another person.
1 16 Sec. 2. RETROACTIVE APPLICABILITY DATE. This Act applies
1 17 retroactively to January 1, 2004, for tax years beginning on
1 18 or after that date.
1 19 EXPLANATION
1 20 This bill provides a deduction from the income tax of up to
1 21 $25,000 of the gain from the sale of a work of fine art or
1 22 written material by the artist or writer, by an art dealer on
1 23 consignment, or by an agent on behalf of the writer.
1 24 The bill applies retroactively to January 1, 2004, for tax
1 25 years beginning on or after that date.
1 26 LSB 5712HH 80
1 27 mg/gg/14
Text: HF02118 Text: HF02120 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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