HF 190 (LSB 1467YH (2) 85)

HOUSE FILE 190

BY  SCHULTZ

A BILL FOR

An Act excluding from the computation of net income for the individual income tax the net capital gain from the sale of bullion and including retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 422.7, subsection 21, Code 2013, is amended by adding the following new paragraph:
   NEW PARAGRAPH.  f.  Net capital gain from the sale of bullion as defined in section 423.3, subsection 91.
    Sec. 2.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2013, for tax years beginning on or after that date.
EXPLANATION
   This bill excludes from the computation of net income for purposes of the individual income tax the net capital gain from the sale of bullion. Bullion means bars, ingots, or commemorative medallions of gold, silver, platinum, palladium, or a combination of these where the value of the metal depends on its content and not the form.
   The bill applies retroactively to January 1, 2013, for tax years beginning on or after that date.