Proyectos de ley › 88.ª Asamblea General
Relating to taking a capital gain deduction for the sale of real property used in a farming business. Effective 7-1-19
Presentado por el comité Ways and Means de la Cámara
Temas:AgricultureTaxes
Dónde está ahora
- Hecho: Presentado5 de febrero de 2019
- Se saltó: SubcomitéSe saltó
- Hecho: Comité de la Cámara17 de abril de 2019
- Hecho: Lo aprueba la Cámara24 de abril de 2019
- Se saltó: Comité del SenadoSe saltó
- Hecho: Lo aprueba el Senado25 de abril de 201949–0
- Hecho: A gobernador(a)29 de abril de 2019
- Hecho: Firmado como ley21 de mayo de 2019
Firmado como ley ¿Qué es el embudo (funnel)?
Qué contiene
La explicación oficial está en inglés; todavía no hay resumen en palabras sencillas.
This bill modifies the capital gain deduction for the sale of real property used in a farming business enacted in 2018 Iowa Acts, chapter 1161, section 113. The capital gain deduction for the sale of real property used in a farming business is set to begin in tax year 2023 or in a later tax year, contingent upon the satisfaction of certain net general fund revenue amount and growth targets. Currently, the capital gain deduction for the sale of real property used in a “farming business” set to go into effect in 2023 or a later tax year restricts the deduction to the sale of “real property used in a farming business”, provided the taxpayer “materially participated” in the farming business for at least years, held the real property for at least years, and sold the real property to a “relative”, all as defined in 2018 Iowa Acts, chapter 1161.
Lea la explicación completa
The bill modifies the restrictions relating to the deduction for the sale of real property used in farming business by permitting the taxpayer to take the deduction if one of the following apply: the taxpayer “materially participated” in the farming business for at least years and held the real property for at least years; or the taxpayer sold the real property to a “relative”. The bill expands the definition of “relative” to include an entity in which a relative of the taxpayer has a legal or equitable interest in the entity as an owner, member, partner, or beneficiary. The bill also modifies the definitions of “farming business” and “real property used in a farming business”.1, which is used in the definition of farming business. The bill strikes provisions related to restricting the capital gain deduction for the sale of real property used in a farming business if the relative sells or transfers the real property used in a farming business within five years of the original sale.9 (deductions from net income). The bill does not change the future effective date of the capital gain deduction for the sale of real property used in a farming business.
Texto completo del proyecto (en inglés) · Qué cambió antes de aprobarse1
Nota fiscal
Less revenue: up to $227,000 Compare con otros proyectos
8 million per fiscal year. In addition, revenue raised by the local option income surtax for schools will be reduced by $227,000 per year. Both revenue reductions will begin FY 2024. Source Department of Revenue /s/ Holly M. Lyons June 3, 2019 The fiscal note for this Bill was prepared pursuant to Joint Rule 17 and the Iowa Code.
- Final Fiscal Note - Farming Capital Gains Tax Exemption · 3 de junio de 2019
- Farming Capital Gains Tax Exemption · 19 de abril de 2019
- Farming Capital Gains Tax Exemption · 19 de abril de 2019
- Farming Capital Gains Tax Exemption · 18 de marzo de 2019
Lo que cambia del Código de Iowa (Iowa Code)
Modifica§422.7
Cabildeo
3 a favor · 1 en contra · 10 indecisos · Quiénes →
Family tree
Study bill