HF 465 (LSB 1905HH (3) 88)

HOUSE FILE 465

BY  SHIPLEY

A BILL FOR

An Act excluding from the computation of net income for state individual income tax purposes the net capital gain from sales or exchanges of assets, 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 2019, is amended by striking the subsection and inserting in lieu thereof the following:
   21.  Subtract, to the extent included, a taxpayer’s net capital gain as defined in section 1222 of the Internal Revenue Code.
    Sec. 2.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2019, for tax years beginning on or after that date.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill excludes from the computation of net income for state tax purposes the net capital gain from sales or exchanges of assets as defined in section 1222 of the Internal Revenue Code.
   The bill applies retroactively to tax years beginning on or after January 1, 2019.