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

HF 659: 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

Became HF 2626 · Its progress continues under the new number.

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, 2024.

Cost

Less revenue: up to $500,000

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 …

House subcommittee · named January 24, 2024

Rep. Brooke Boden (R) · brooke.boden@legis.iowa.gov
Rep. John Forbes (D)
Rep. John H. Wills (R) · john.wills@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Protect My Innocence; Rick Phillips

In plain words

March 7, 2023Filed in the House
March 28, 2023Cost estimate (fiscal note) posted
January 24, 2024House subcommittee named: Boden, Forbes, Wills and J
January 31, 2024Subcommittee recommended passing it
February 21, 2024Approved by the House committee
February 22, 2024Approved by the House committee, and given a new number: HF 2626
March 19, 2024Withdrawn