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| 1 | 1 | House File 567 - Introduced HOUSE FILE 567 BY SHIPLEY A BILL FOR An Act excluding the net capital gain from the sale of gold or 1 silver from the calculations of Iowa net income for purposes 2 of the individual income tax, and including effective date 3 and retroactive applicability provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 2682YH (2) 91 jm/jh | |
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| 3 | 3 | H.F. 567 Section 1. Section 422.7, Code 2025, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 45. a. Subtract the net capital gain from 3 the sale of gold or silver. 4 b. Married individuals who file separate state income 5 tax returns shall allocate their combined annual net capital 6 gain exclusion under this subsection to each spouse in the 7 proportion that each spouses respective net capital gain bears 8 to the total net capital gain. 9 c. As used in this subsection, gold or silver means bars, 10 coins, ingots, or commemorative medallions of gold or silver, 11 or pure gold or silver in any form. 12 Sec. 2. EFFECTIVE DATE. This Act, being deemed of immediate 13 importance, takes effect upon enactment. 14 Sec. 3. RETROACTIVE APPLICABILITY. This Act applies 15 retroactively to January 1, 2025, for tax years beginning on 16 or after that date. 17 EXPLANATION 18 The inclusion of this explanation does not constitute agreement with 19 the explanations substance by the members of the general assembly. 20 This bill excludes the net capital gain from the sale of gold 21 or silver from the calculation of Iowa net income for purposes 22 of the individual income tax. 23 The bill defines gold or silver to mean bars, coins, 24 ingots, or commemorative medallions of gold or silver, or pure 25 gold or silver in any form. 26 The bill takes effect upon enactment and applies 27 retroactively to tax years beginning on or after January 1, 28 2025. 29 -1- LSB 2682YH (2) 91 jm/jh 1/ 1 |