90th General Assembly · Funnel one-pager · Monday, November 9, 2026

HF 2626: 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

Died when the session ended · The 2024 session adjourned on April 19, 2024, the General Assembly’s last regular session. Bills that didn’t pass both chambers died.

What it does

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, 2025.

Cost

Less revenue: up to $400,000

The capital gains income tax exemption for the buying and selling of bullion, coins, and currency is projected to decrease State General Fund revenue by the following amounts: • FY 2026 — $0.4 million • FY 2027 and after — $0.3 million The Bill is expected to …

Senate subcommittee · named March 25, 2024

Sen. Carrie Koelker (R) · carrie.koelker@legis.iowa.gov
Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
Sen. Herman C. Quirmbach (D) · herman.quirmbach@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Protect My Innocence; Rick Phillips

In plain words

February 22, 2024Filed in the House
February 27, 2024Cost estimate (fiscal note) posted
March 19, 2024Passed the House, 63–32
March 20, 2024Arrived in the Senate
March 25, 2024Senate subcommittee named: Koelker, Dawson and Quirmbach