Bill Text: IA HF2626 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act 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.(Formerly HF 659, HF 208.)
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2024-03-25 - Subcommittee: Koelker, Dawson, and Quirmbach. S.J. 631. [HF2626 Detail]
Download: Iowa-2023-HF2626-Introduced.html
House
File
2626
-
Introduced
HOUSE
FILE
2626
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HF
659)
(SUCCESSOR
TO
HF
208)
A
BILL
FOR
An
Act
modifying
the
computation
of
net
income
for
the
1
individual
income
tax
related
to
the
capital
gain
or
loss
2
from
the
sale
of
bullion,
coins,
and
currency,
and
including
3
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
TLSB
1638HZ
(2)
90
jm/jh
H.F.
2626
Section
1.
Section
422.7,
Code
2024,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
44.
a.
Subtract,
to
the
extent
included,
3
a
capital
gain
from
the
sale
of
bullion,
coins,
or
currency.
4
Add,
to
the
extent
taken,
a
capital
loss
from
such
a
sale.
5
b.
For
purposes
of
this
subsection,
“bullion”
,
“coins”
,
and
6
“currency”
mean
the
same
as
defined
in
section
423.3,
subsection
7
91,
paragraph
“b”
.
8
Sec.
2.
APPLICABILITY.
This
Act
applies
to
tax
years
9
beginning
on
or
after
January
1,
2025.
10
EXPLANATION
11
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
12
the
explanation’s
substance
by
the
members
of
the
general
assembly.
13
This
bill
excludes
from
the
computation
of
net
income
for
14
purposes
of
the
individual
income
tax
the
capital
gain
from
the
15
sale
of
bullion,
coins,
or
currency
and
includes
capital
loss
16
from
such
a
sale.
For
purposes
of
the
bill,
“bullion”
means
17
bars,
ingots,
or
commemorative
medallions
of
gold,
silver,
18
platinum,
palladium,
or
a
combination
of
these
where
the
value
19
of
the
metal
depends
on
its
content
and
not
the
form.
“Coins”
20
or
“currency”
means
a
coin
or
currency
made
of
gold,
silver,
or
21
other
metal
or
paper
which
is
or
has
been
used
as
legal
tender.
22
The
bill
applies
to
tax
years
beginning
on
or
after
January
23
1,
2025.
24
-1-
LSB
1638HZ
(2)
90
jm/jh
1/
1
