Bill > HF567

This bill modifies Iowa's individual income tax code by creating a new tax exemption for net capital gains from the sale of gold or silver. Specifically, the bill allows taxpayers to subtract the net capital gain from selling gold or silver when calculating their state income tax liability. The bill provides a broad definition of "gold or silver" that includes bars, coins, ingots, commemorative medallions, and pure gold or silver in any form. For married couples filing separate tax returns, the capital gain exclusion will be proportionally allocated between spouses based on each spouse's share of the total net capital gain. The bill is designed to take effect immediately upon enactment and will apply retroactively to tax years beginning on or after January 1, 2025, which means taxpayers can use this deduction when filing their 2025 and subsequent state income tax returns. This legislation provides a tax benefit to Iowa residents who invest in and sell precious metals, potentially encouraging such investments by offering a state-level tax advantage.

Budget and Finance

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF567