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IA SF192
IA SF192A bill for an act relating to taking a capital gain deduction for the sale of real property used in a farming business. (See SF 627.)
summary
Introduced
02/05/2019
02/05/2019
In Committee
02/05/2019
02/05/2019
Crossed Over
Passed
Dead
06/14/2020
06/14/2020
Introduced Session
88th General Assembly
Bill Summary
A bill for an act relating to taking a capital gain deduction for the sale of real property used in a farming business. (See SF 627.)
AI Summary
This bill proposes to amend the Iowa tax code to allow for a capital gain deduction on the sale of real property used in a farming business. Specifically, the bill defines key terms such as "farming business," "held," "materially participated," and "real property used in a farming business." The deduction would apply if the taxpayer has materially participated in the farming business for at least 10 years and has held the real property for at least 10 years, or if the real property is sold to a relative of the taxpayer. The bill aims to provide tax relief for Iowa farmers who sell their farmland.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Committee report approving bill, renumbered as SF 627. S.J. 1010. (on 04/17/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=88&ba=SF192 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/88/attachments/SF192.html |
| Bill | https://www.legis.iowa.gov/docs/publications/LGI/88/SF192.pdf |
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