HF 567 (LSB 2682YH (2) 91)

HOUSE FILE 567

BY  SHIPLEY

A BILL FOR

An Act excluding the net capital gain from the sale of gold or silver from the calculations of Iowa net income for purposes of the individual income tax, and including effective date and retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 422.7, Code 2025, is amended by adding the following new subsection:
   NEW SUBSECTION.  45.  a.  Subtract the net capital gain from the sale of gold or silver.
   b.  Married individuals who file separate state income tax returns shall allocate their combined annual net capital gain exclusion under this subsection to each spouse in the proportion that each spouse’s respective net capital gain bears to the total net capital gain.
   c.  As used in this subsection, “gold or silver” means bars, coins, ingots, or commemorative medallions of gold or silver, or pure gold or silver in any form.
    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of immediate importance, takes effect upon enactment.
    Sec. 3.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2025, 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 the net capital gain from the sale of gold or silver from the calculation of Iowa net income for purposes of the individual income tax.
   The bill defines “gold or silver” to mean bars, coins, ingots, or commemorative medallions of gold or silver, or pure gold or silver in any form.
   The bill takes effect upon enactment and applies retroactively to tax years beginning on or after January 1, 2025.