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

Where it is now

1. ✓
   Done: IntroducedFebruary 6, 2023
2. ✓
   Done: SubcommitteeFebruary 21, 2023
3. ✓
   Done: House committeeMarch 7, 2023
4. ✓
   Done: Passes the HouseMarch 19, 202463–32
5. Next: Senate committee
6. Next: Passes the Senate
7. Next: To the Governor
8. Next: Signed into law

Became HF 2626 → Its progress continues under the new number. Go to HF 2626 What’s a funnel?

What’s in it

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, 2024.

From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text

House subcommittee

Named January 24, 2024. On January 31, 2024 it recommended passage. Vote Total: 3-0.

• Rep. Brooke Boden REmail
• Rep. John Forbes D
• Rep. John H. Wills REmail

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part

Fiscal note

Less revenue: up to $500,000 Compare with other bills

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 reduce income surtax to local governments by the following amounts: • FY 2026 — $9,000 • FY 2027 and after — $7,000

• Capital Gains Tax, Exemption for Bullion, Coins, and Currency · February 27, 2024
• Capital Gains Tax, Exemption for Bullion, Coins, and Currency · March 28, 2023

Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note

Iowa Code it changes

Amends§422.7

Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works

Family tree

Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.

Earlier and later bills are matched by wording or an identical title; check the text to be sure it’s the same idea.

Tried before

This idea has been filed in an earlier General Assembly. None got through a chamber.

• HF 256 Modifying the computation of net income for the individual income tax related to the capit…
  89th General Assembly · In committee · same title
  Cleared committee

Matched by the wording of each bill’s explanation, or an identical title. Companion bills and renumbered versions of this bill aren’t listed; they’re the same bill.