HSB 680: HSB 680

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. _____ 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.

House subcommittee · named February 8, 2024

• Rep. Derek Wulf (R) · derek.wulf@legis.iowa.gov
• Rep. Michael V. Sexton (R)
• Rep. Elizabeth Wilson (D) · elizabeth.wilson@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. February 8, 2024Filed in the House and sent to the Ways and Means committee
2. February 8, 2024House subcommittee named: Sexton, Wilson and Wulf
3. February 8, 2024House subcommittee named: Wulf, Sexton and Wilson
4. February 21, 2024Subcommittee recommended passing it
5. March 6, 2024Approved by the House committee
6. March 6, 2024Approved by the House committee, and given a new number: HF 2649