On May 15, Governor Reynolds signed into law House File (HF) 2649, which excludes capital gain from the sale of certain livestock from the computation of net income for individual income tax purposes.
This legislation applies retroactively to tax years beginning on or after January 1, 2023.
Taxpayers wishing to claim this deduction for tax year 2023 may file an original, or amended, individual income tax return on paper and include the newly revised IA 100A (Iowa Capital Gain Deduction – Cattle, Horses, or Breeding Livestock) form available online at https://tax.iowa.gov.
Taxpayers with questions can contact the Department at 515-281-3114 or 800-367-3388.
The mission of the Iowa Department of Revenue is to serve Iowans through the responsible collection and generation of revenue to support the public good.