This bill amends Iowa's tax code by adding a new subsection that excludes the net capital gain from the sale of gold or silver from the calculations of Iowa net income for individual income tax purposes. The bill specifies that "gold or silver" includes bars, coins, ingots, or commemorative medallions, as well as pure gold or silver in any form. Additionally, it provides guidelines for married individuals filing separately, stating that they must allocate their combined annual net capital gain exclusion based on the proportion of each spouse's respective net capital gain.

The bill is designed to take effect immediately upon enactment and has retroactive applicability, meaning it will apply to tax years beginning on or after January 1, 2025. This provision allows taxpayers to benefit from the exclusion in their upcoming tax filings.

Statutes affected:
Introduced: 422.7