Text: SF00022 Text: SF00024 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code 2003, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 21A. Subtract, to the extent not
1 4 otherwise deducted in determining federal adjusted gross
1 5 income or under subsection 21, fifty percent of the capital
1 6 gain on the sale of tangible personal property or real
1 7 property which was held by the taxpayer for a period of twelve
1 8 months or more from the date of acquisition and was held by
1 9 the taxpayer as a capital asset. This subsection does not
1 10 apply to the sale of livestock and horses.
1 11 Sec. 2. EFFECTIVE AND APPLICABILITY DATE. This Act, being
1 12 deemed of immediate importance, takes effect upon enactment
1 13 and applies retroactively to January 1, 2003, for tax years
1 14 beginning on or after that date.
1 15 EXPLANATION
1 16 This bill provides for a 50 percent deduction of the
1 17 capital gain from the sale of tangible personal property and
1 18 real property held by the taxpayer for 12 months or longer.
1 19 The bill takes effect upon enactment and is applicable
1 20 beginning with the 2003 tax year.
1 21 LSB 1161XS 80
1 22 mg/pj/5
Text: SF00022 Text: SF00024 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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