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House File 465 - IntroducedA Bill ForAn Act 1excluding from the computation of net income for state
2individual income tax purposes the net capital gain from
3sales or exchanges of assets, and including retroactive
4applicability provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 422.7, subsection 21, Code 2019, is
2amended by striking the subsection and inserting in lieu
3thereof the following:
421. Subtract, to the extent included, a taxpayer’s net
5capital gain as defined in section 1222 of the Internal Revenue
6Code.
7 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies
8retroactively to January 1, 2019, for tax years beginning on
9or after that date.
10EXPLANATION
11The inclusion of this explanation does not constitute agreement with
12the explanation’s substance by the members of the general assembly.
13This bill excludes from the computation of net income for
14state tax purposes the net capital gain from sales or exchanges
15of assets as defined in section 1222 of the Internal Revenue
16Code.
17The bill applies retroactively to tax years beginning on or
18after January 1, 2019.
-1-jm/jh
2individual income tax purposes the net capital gain from
3sales or exchanges of assets, and including retroactive
4applicability provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 422.7, subsection 21, Code 2019, is
2amended by striking the subsection and inserting in lieu
3thereof the following:
421. Subtract, to the extent included, a taxpayer’s net
5capital gain as defined in section 1222 of the Internal Revenue
6Code.
7 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies
8retroactively to January 1, 2019, for tax years beginning on
9or after that date.
10EXPLANATION
11The inclusion of this explanation does not constitute agreement with
12the explanation’s substance by the members of the general assembly.
13This bill excludes from the computation of net income for
14state tax purposes the net capital gain from sales or exchanges
15of assets as defined in section 1222 of the Internal Revenue
16Code.
17The bill applies retroactively to tax years beginning on or
18after January 1, 2019.
-1-jm/jh