Bill Text: IA HF465 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2020-01-22 - Subcommittee reassigned: Hagenow, Hein and Jacoby. H.J. 122. [HF465 Detail]
Download: Iowa-2019-HF465-Introduced.html
House
File
465
-
Introduced
HOUSE
FILE
465
BY
SHIPLEY
A
BILL
FOR
An
Act
excluding
from
the
computation
of
net
income
for
state
1
individual
income
tax
purposes
the
net
capital
gain
from
2
sales
or
exchanges
of
assets,
and
including
retroactive
3
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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465
Section
1.
Section
422.7,
subsection
21,
Code
2019,
is
1
amended
by
striking
the
subsection
and
inserting
in
lieu
2
thereof
the
following:
3
21.
Subtract,
to
the
extent
included,
a
taxpayer’s
net
4
capital
gain
as
defined
in
section
1222
of
the
Internal
Revenue
5
Code.
6
Sec.
2.
RETROACTIVE
APPLICABILITY.
This
Act
applies
7
retroactively
to
January
1,
2019,
for
tax
years
beginning
on
8
or
after
that
date.
9
EXPLANATION
10
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
11
the
explanation’s
substance
by
the
members
of
the
general
assembly.
12
This
bill
excludes
from
the
computation
of
net
income
for
13
state
tax
purposes
the
net
capital
gain
from
sales
or
exchanges
14
of
assets
as
defined
in
section
1222
of
the
Internal
Revenue
15
Code.
16
The
bill
applies
retroactively
to
tax
years
beginning
on
or
17
after
January
1,
2019.
18
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