ITA Bill Watch - Iowa Taxpayers Association

ITA Bill Watch

Following are the bills ITA is watching

Updated February 14, 2019

 

Bill Number:   SF 220
Topic Category:   Income Tax/Section 179
Summary:   This bill increases the expensing allowance deduction for corporations, financial institutions, partnerships, and limited liability companies taxed as corporations. It raises the amount of the deduction allowed to $70,000. It also raises the cap on the total cost of section 179 property to $280,000. Both of these changes will be equal with personal income tax filers for TY 2018. Formerely SSB 1089
Iowa Senate:   Passed
Iowa House:    
Governor:    
Position:   ITA supports the bill.   Would prefer total conformity but agree with the equitable treatment between taxpayers in the same tax year.
     
Bill Number:   HSB 165
Topic Category:   Property Tax
Summary:    
Iowa Senate:    
Iowa House:    
Governor:    
Position:    
     
Bill Number:   SF 1
Topic Category:   Inheritance Tax
Summary:   This bill repeals the state inheritance tax and the state qualified use inheritance tax.
Iowa Senate:    
Iowa House:    
Governor:    
Position:   ITA is monitoring this bill

 

 
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