On May 15, 2024, Governor Reynolds signed into law House File 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.

Taxpayers with questions can contact the Department at 515-281-3114 or 800-367-3388.