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.)
Impact
The bill's provisions, effective for tax years starting January 1, 2025, would alter the Iowa tax code by adding a new subsection that addresses the treatment of bullion, coins, and currency under individual income tax regulations. This change is designed to simplify compliance for taxpayers and provide fairness in the taxation of investments in precious metals and collectible currencies. By specifically addressing these items, the bill may also help to attract investors in these markets, thereby influencing economic activity within the state.
Summary
House File 2626 is a legislative measure that seeks to modify how net income is computed for individual income tax purposes, specifically pertaining to capital gains or losses realized from the sale of bullion, coins, and currency. If enacted, the bill will allow taxpayers to subtract capital gains achieved from these sales while including any associated capital losses in their taxable income. The legislation is intended to provide clearer guidelines for the taxation of these financial transactions, which can often be complex due to fluctuations in market values.
Contention
While the measures within HF2626 aim to provide clarity and potentially improve tax fairness, there are discussions around how this might affect state revenue and the equitable treatment of different asset categories. Some legislators and stakeholders may voice concerns about potential revenue losses to the state if capital gains from bullion and collectibles are significantly sheltered from taxation. Additionally, the implementation details and enforcement aspects can become points of contention as the bill seeks to balance the interests of individual taxpayers against the broader financial needs of the state.
Similar To
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.(See HF 659, HF 2626.)
Similar To
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 208; See HF 2626.)
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 208; See HF 2626.)
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.(See HF 659, HF 2626.)
A bill for an act 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. (Formerly HSB 680.) Effective date: 07/01/2024. Applicability date: 01/01/2023.
A bill for an act 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.(See HF 2649.)
A bill for an act excluding the net capital gain from the sale of gold or silver from the calculations of Iowa net income for purposes of the individual income tax, and including effective date and retroactive applicability provisions.
A bill for an act 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.
A bill for an act excluding nonqualified deferred compensation income from the individual income tax, and including retroactive applicability provisions.(Formerly HF 2105.)
A bill for an act relating to the farm tenancy net income exclusion available against the individual income tax, and including effective date and retroactive applicability provisions.(Formerly HF 56.)