Bills › 89th General Assembly
Excluding from the computation of net income for state individual income tax purposes a portion of the net capital gain from sales or exchanges of assets, and including effective date and retroactive applicability provisions
Topics:TaxesIncome taxes
Where it is now
- Done: IntroducedJanuary 12, 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 pay state income tax could pay less if they sell an asset they owned for more than two years. This change would allow a portion of the profit from that sale to be excluded from their taxable income.1
Read the official explanation
This bill excludes percent of the net capital gain from the computation of net income for state individual income tax purposes if the asset was held for more than two years. The term “net capital gain” is defined to mean the same as defined in section 1222 of the Internal Revenue Code, and the term “held” shall be determined with reference to the holding period provisions of section 1223 of the Internal Revenue Code. The bill takes effect upon enactment and applies retroactively to tax years beginning on or after January 1, 2021.