HF 2649: Excluding the net capital gain from the sale of certain livestock from the computation of net income for purposes of the individual income tax, and including retroactive applicability provisions

What it does

This bill excludes the net capital gain from the sale of certain livestock from the computation of net income for purposes of the individual income tax. The bill allows a taxpayer to exclude the net capital gain from the sale of cattle or horses if held by the taxpayer for breeding, draft, dairy, or sporting purposes for more than months, but only if the taxpayer received more than percent of the taxpayer’s gross income from farming or ranching operations during the tax year. The bill allows a taxpayer to exclude the net capital gain from the sale of breeding livestock, other than cattle or horses, held by the taxpayer for a period of 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.

Senate subcommittee · named March 25, 2024

• Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
• Sen. Pam Jochum (D)
• Sen. Carrie Koelker (R) · carrie.koelker@legis.iowa.gov

Lobbying · 7 for, 0 against

For: AMVC Management Services; Iowa Cattlemen's Association; Iowa Department of Agriculture & Land Stewardship; Iowa Farm Bureau Federation; Iowa Pork Producers Association; Iowa Select Farms, L.L.P.; Iowa State Dairy Association

In plain words

1. March 6, 2024Filed in the House
2. March 11, 2024Cost estimate (fiscal note) posted
3. March 19, 2024Passed the House, 94–0
4. March 20, 2024Arrived in the Senate
5. March 21, 2024Cost estimate (fiscal note) posted
6. March 25, 2024Senate subcommittee named: Dawson, Jochum and Koelker
7. April 18, 2024Approved by the Senate committee
8. April 19, 2024Passed the Senate, 46–0
9. April 29, 2024Sent to the Governor
10. April 30, 2024Cost estimate (fiscal note) posted
11. May 15, 2024Signed into law