Bills › HF 2649 › What changed
What changed in HF 2649
The bill as introduced, compared with the version both chambers passed (90th General Assembly).
1 passage reworded, 0 added and 0 removed; 9 of 10 unchanged.
Removed AddedIntroduced textText as passedAmendments
Compares wording only. The printed bills also mark changes to existing law with strikes and underlines, which aren’t shown here.
Section 1. Section 422.7, Code 2024, is amended by adding the following new subsection:
7 unchanged passages
NEW SUBSECTION.
44.
a. For purposes of this subsection, “held” shall be determined with reference to the holding period provisions of section 1223 of the Internal Revenue Code and the federal regulations pursuant thereto.
b. Subtract the net capital gain from the following:
(1) The sale of cattle or horses held by the taxpayer for breeding, draft, dairy, or sporting purposes for a period of twenty-four months or more from the date of acquisition, but only if the taxpayer received more than one-half of the taxpayer’s gross income from farming or ranching operations during the tax year.
(2) The sale of breeding livestock, other than cattle or horses, held by the taxpayer for a period of twelve months or more from the date of acquisition, but only if the taxpayer received more than one-half of the taxpayer’s gross income from farming or ranching operations during the tax year.
c. A retired farmer as defined in subsection 13 is not eligible for the exclusion in this subsection if taking the exclusion allowed in subsection 13, paragraph “c” or “d”, in the same tax year.
Sec.
2. RETROACTIVE APPLICABILITY. This Act applies retroactively to January 1, 2024, 2023, for tax years beginning on or after that date.