Bills › 89th General Assembly
Modifying the computation of net income for the individual income tax related to the capital gain or loss from the sale of bullion, coins, and currency, and including applicability provisions
Topics:TaxesIncome taxes
Where it is now
- Done: IntroducedJanuary 27, 2021
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary People who sell gold or silver bars, coins, or paper money would not have to pay state income tax on the profits they make. If they lose money on these sales instead, they can use that loss to lower their taxable income. This change affects individuals filing income taxes for years starting in 2022.1
Read the official explanation
This bill excludes from the computation of net income for purposes of the individual income tax the capital gain from the sale of bullion, coins, or currency and includes capital loss from such a sale. For purposes of the bill, “bullion” means bars, ingots, or commemorative medallions of gold, silver, platinum, palladium, or a combination of these where the value of the metal depends on its content and not the form. “Coins” or “currency” means a coin or currency made of gold, silver, or other metal or paper which is or has been used as legal tender. The bill applies to tax years beginning on or after January 1, 2022.
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89th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- HF 208 Modifying the computation of net income for the individual income tax related to the capit…90th General Assembly · Renumbered as HF 659Nearly identical
Matched by wording or an identical title.