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House Bill Would Restore Tax Break for Some Livestock Sales
The Iowa House has voted to restore a state tax break for some Iowans who own livestock and get at least half of their annual income from farming. It's a capital gains tax break for the sale of dairy cattle, work horses and racing horses as well as livestock -- like cows and bulls and sows and boars -- used for breeding. The tax break expired at the end of 2022. If it isn't revived, officials estimate the state will collect two-point-five million dolalrs in capital gains this year from cattle and horse sales.
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