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.)
Impact
If HF208 is enacted, it will significantly alter how capital gains associated with bullion, coins, and currency are treated under Iowa's income tax laws. The changes would apply to tax years beginning on or after January 1, 2024, effectively creating a more favorable tax environment for individuals involved in these specific types of investments. The alteration of tax calculations could encourage more residents to invest in gold, silver, or collectible coins, thus potentially stimulating local economic activity related to these investments.
Summary
House File 208 (HF208) proposes to modify the computation of net income for individuals concerning the capital gains or losses arising from the sale of bullion, coins, and currency. The bill aims to exempt capital gains from these sales from being included in the net income tax calculation, while also allowing taxpayers to deduct any capital losses from such transactions. This legislative move is intended to encourage investment in tangible assets and provide more favorable tax treatment for individuals engaged in trading or investing in precious metals and collectible currency.
Contention
There are potential points of contention surrounding HF208, particularly in terms of how this bill may disproportionately benefit wealthier individuals who are more likely to have investments in precious metals and collectibles. Critics may argue that such tax exemptions widen the gap between different socioeconomic classes, as lower-income individuals and families may lack the resources to invest in these assets. Additionally, discussions may arise regarding the fairness of providing tax breaks on capital gains when viewed against the backdrop of broader tax policy and state revenue needs.
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.)
IA HF2626
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 659, HF 208.)
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 659, HF 208.)
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 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 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. (Formerly HSB 680.) Effective date: 07/01/2024. Applicability date: 01/01/2023.
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.(See HF 2666.)