Bill > SF627

This bill amends Iowa law to allow a capital gain deduction for the sale of real property used in a farming business. The key provisions are: 1) it defines "farming business" and "real property used in a farming business"; 2) it allows a deduction for the net capital gain from the sale of such property if the taxpayer has materially participated in the farming business for at least 10 years and held the property for at least 10 years, or if the property is sold to a relative of the taxpayer; and 3) it establishes a presumption that property classified as agricultural for property tax purposes is considered "real property used in a farming business" unless rebutted by the Department of Revenue.

Budget and Finance

Ways & Means (Senate)

https://www.legis.iowa.gov/legislation/BillBook?ga=88&ba=SF627