IA
Iowa House Bill HF659

Iowa 2023-2024 Regular Session

Iowa House Bill HF659

Introduced
3/7/23  
Refer
5/4/23  
Introduced
3/7/23  

Caption

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.)

Impact

The bill’s implementation would affect taxpayers starting from tax years beginning on or after January 1, 2024. This alteration means that individuals selling bullion, coins, or currency would no longer have to pay taxes on any capital gains received from those sales, potentially incentivizing investment in precious metals and collectibles. Furthermore, allowing capital losses to be deducted from net income could aid in tax planning, providing financial relief to those who may have incurred losses in these investments.

Summary

House File 659 proposes modifications to the computation of net income for individual income tax in Iowa, specifically addressing the capital gains and losses associated with the sale of bullion, coins, and currency. The bill aims to clarify how these particular forms of financial assets are treated under tax law. By excluding capital gains from the sale of such items from net taxable income and allowing for the inclusion of capital losses, the bill seeks to create a more favorable tax environment for individuals who invest in these types of assets.

Contention

While the intent of HF659 seems to promote fairness in how capital from sales of bullion, coins, and currency is taxed, there may be concerns regarding the potential loopholes this exemption could create. Critics may argue that this could disproportionately benefit wealthier individuals with substantial investments in these assets, raising issues around equity within the state’s tax system. Additionally, discussions surrounding the regulation and oversight of these financial assets could arise, prompting debates on how to ensure compliance and prevent abuse of the provisions mentioned in the bill.

Latest IA HF659 Activity

View All Events: IA 2023-2024 Regular Session HF659

Companion Bills

IA HF208

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.)

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.)

Previously Filed As

IA HF2626

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.)

IA HF208

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.)

IA HSB680

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.)

IA SF2400

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.

IA HF2649

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.

IA HF567

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.

IA HF1030

A bill for an act exempting qualified tips from the individual income tax, and including applicability provisions.(Formerly HF 268.)

IA HF2638

A bill for an act excluding nonqualified deferred compensation income from the individual income tax, and including retroactive applicability provisions.(Formerly HF 2105.)

IA HF1024

A bill for an act excluding overtime pay from the individual income tax, and including applicability provisions.(Formerly HF 110.)

IA SF552

A bill for an act relating to individual and corporate income taxes, the insurance premium tax, and including the contingent repeal of the individual income tax, and including retroactive applicability and effective date provisions.(Formerly SSB 1126.)

Similar Bills

No similar bills found.