SF 2400: 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 April 18, 2024

• Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
• Sen. Dawn Driscoll (R) · dawn.driscoll@legis.iowa.gov
• Sen. T. Taylor

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 27, 2024Filed in the Senate and sent to the Ways and Means committee
2. February 29, 2024Senate subcommittee named: Dawson, Koelker and T. Taylor
3. April 9, 2024Senate subcommittee named: Driscoll, Dawson and T. Taylor
4. April 15, 2024Subcommittee recommended passing it
5. April 18, 2024Senate subcommittee named: Dawson, Driscoll and T. Taylor