Assets held in certain retirement accounts

From the 2024 DOR Tax Exemption Study

82.87.050(3) - Assets held in certain retirement accounts Description The capital gains tax does not apply to capital gains derived from the sale or exchange of assets held in most types of retirement accounts. Purpose To avoid taxing the sale or exchange of retirement income. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes CTI CTI CTI CTI Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 CTI CTI CTI Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This exemption impacts fewer than five taxpayers; any impacts are confidential. Data Sources - Department of Revenue, Excise tax data - Economic and Revenue Forecast Council, March 2023 forecast - Internal Revenue Service (2022), Publication 6149 calendar year return projections by state: 2021–2028 - Internal Revenue Service (2022), Sales of Capital Assets Reported on Individual Tax Returns - Internal Revenue Service (n.d.), Historic Table 2, Tax Year 2015 Additional Additional Information Information Category: Individuals Year Enacted: