House File 190 - Introduced HOUSE FILE 190 BY SCHULTZ A BILL FOR An Act excluding from the computation of net income for the 1 individual income tax the net capital gain from the sale of 2 bullion and including retroactive applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1467YH (2) 85 mm/sc

H.F. 190 Section 1. Section 422.7, subsection 21, Code 2013, is 1 amended by adding the following new paragraph: 2 NEW PARAGRAPH . f. Net capital gain from the sale of bullion 3 as defined in section 423.3, subsection 91. 4 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies 5 retroactively to January 1, 2013, for tax years beginning on 6 or after that date. 7 EXPLANATION 8 This bill excludes from the computation of net income for 9 purposes of the individual income tax the net capital gain 10 from the sale of bullion. Bullion means bars, ingots, or 11 commemorative medallions of gold, silver, platinum, palladium, 12 or a combination of these where the value of the metal depends 13 on its content and not the form. 14 The bill applies retroactively to January 1, 2013, for tax 15 years beginning on or after that date. 16 -1- LSB 1467YH (2) 85 mm/sc 1/ 1