Tax Update Blog: Permalink

« Previous · Tax Update Blog Home · Next »

IOWA HOLDING PERIOD LEGISLATION ADVANCES

February 27, 2006

The Iowa Senate Ways and Means Committee has passed a bill (S 2093) to make Iowa's "holding period" rules the same as federal rules. The rules are used to determine whether taxpayers meet the requirements to exclude capital gains on certain property held for longer than 10 years.

The Iowa House is considering similar legislation.

While it is good that the legislature is working to override the Department of Revenue's indefensible position on this, I wish the bill explanation asserted that they think that's what the law already is - or at least that the bill shouldn't affect any current controversies before the Department.

 • Eye on the Legislature ~ • Iowa Tax Law       Bookmark: del.icio.us • Digg • reddit