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House File 256 - IntroducedA Bill ForAn Act 1modifying the computation of net income for the
2individual income tax related to the capital gain or loss
3from the sale of bullion, coins, and currency, and including
4applicability provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 422.7, Code 2021, is amended by adding
2the following new subsection:
3 NEW SUBSECTION. 63. a. Subtract, to the extent included,
4a capital gain from the sale of bullion, coins, or currency.
5Add, to the extent taken, a capital loss from such a sale.
6b. For purposes of this subsection, “bullion”, “coins”, and
7“currency” mean the same as defined in section 423.3, subsection
891, paragraph “b”.
9 Sec. 2. APPLICABILITY. This Act applies to tax years
10beginning on or after January 1, 2022.
11EXPLANATION
12The inclusion of this explanation does not constitute agreement with
13the explanation’s substance by the members of the general assembly.
14This bill excludes from the computation of net income for
15purposes of the individual income tax the capital gain from the
16sale of bullion, coins, or currency and includes capital loss
17from such a sale. For purposes of the bill, “bullion” means
18bars, ingots, or commemorative medallions of gold, silver,
19platinum, palladium, or a combination of these where the value
20of the metal depends on its content and not the form. “Coins”
21or “currency” means a coin or currency made of gold, silver, or
22other metal or paper which is or has been used as legal tender.
23The bill applies to tax years beginning on or after January
241, 2022.
-1-jm/jh
2individual income tax related to the capital gain or loss
3from the sale of bullion, coins, and currency, and including
4applicability provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 422.7, Code 2021, is amended by adding
2the following new subsection:
3 NEW SUBSECTION. 63. a. Subtract, to the extent included,
4a capital gain from the sale of bullion, coins, or currency.
5Add, to the extent taken, a capital loss from such a sale.
6b. For purposes of this subsection, “bullion”, “coins”, and
7“currency” mean the same as defined in section 423.3, subsection
891, paragraph “b”.
9 Sec. 2. APPLICABILITY. This Act applies to tax years
10beginning on or after January 1, 2022.
11EXPLANATION
12The inclusion of this explanation does not constitute agreement with
13the explanation’s substance by the members of the general assembly.
14This bill excludes from the computation of net income for
15purposes of the individual income tax the capital gain from the
16sale of bullion, coins, or currency and includes capital loss
17from such a sale. For purposes of the bill, “bullion” means
18bars, ingots, or commemorative medallions of gold, silver,
19platinum, palladium, or a combination of these where the value
20of the metal depends on its content and not the form. “Coins”
21or “currency” means a coin or currency made of gold, silver, or
22other metal or paper which is or has been used as legal tender.
23The bill applies to tax years beginning on or after January
241, 2022.
-1-jm/jh