RSSHF 2150 – Internal Revenue Code Reference Updates COMMITTEE ACTION: HF 2150 updates the Iowa Code references to the Internal Revenue Code to make federal income tax revisions enacted by Congress in 2011 applicable for Iowa income tax purposes. This year the bill simply updates the date to 2012. There were no federal tax changes [...]
Read the full story >>SSB 3116 – Earned Income Tax Credit COMMITTEE ACTION: SF 2161 increases the amount of the Earned Income Tax Credit (EITC). Currently, the credit is 7 percent of the federal Earned Income Tax Credit. The bill increases the amount to 13 percent of the federal credit for tax year 2012, to 15 percent for tax [...]
Read the full story >>SSB 3116 – Earned Income Tax Credit COMMITTEE ACTION: SSB 3116 increases the amount of the Earned Income Tax Credit (EITC). Currently, the credit is 7 percent of the federal Earned Income Tax Credit. The bill increases the amount to 13 percent of the federal credit and the Iowa EITC remains a refundable credit. The [...]
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The Legislature adjourned for the summer on June 30. The Senate Democratic Research staff has compiled a review to help you sort through the highlights, low-lights and missed opportunities of the 2011 legislative session. (Updated 8/1/11)
Read the full story >>STAFF CONTACT: Kris Bell SF 514 – Brownfields and Grayfields Tax Credits SF 534 (SSB 1212) – Certificate of Need HF 672 – Wind and other renewable energy tax credits FLOOR ACTION: SF 514, as amended by the House, requires the Department of Economic Development to allocate up to $5 million in tax credits for [...]
Read the full story >>STAFF CONTACT: Kris Bell SF 531 – Biofuels HF 652 – Active Duty Military Pay Income Tax Exemption HF 672 – Wind and other renewable energy tax credits HF 676 – Tax exemption for non-profit vehicles leases FLOOR ACTION: SF 531 changes the Iowa renewable fuel standard (RFS) incentives by increasing the amount of incentive [...]
Read the full story >>STAFF CONTACT: Kris Bell SF 530 – Family Farm Tax Credit SF 531 – Biofuels HF 652 – Active Duty Military Pay Income Tax Exemption HF 676 – Non-profit vehicle lease tax exemption HF 679 – Cogeneration Replacement Tax FLOOR AND COMMITTEE ACTION: HF 679 corrects certain ambiguities in tax law relating to the machinery [...]
Read the full story >>STAFF CONTACT: Kris Bell SF 209 – Supplemental Appropriations, EITC Increase, Bonus Depreciation, Taxpayers Trust Fund SF 300 – Wind and other renewable energy production tax credits SF 526 — Gaming FLOOR ACTION: SF 209 is an FY11 supplemental bill that also contains a number of tax provisions. These are the highlights of the Conference [...]
Read the full story >>STAFF CONTACT: Kris Bell SF 300 – Wind and other renewable energy production tax credits SF 520 – Electric and natural gas vehicle power stations SF 521 – Historic Preservation Tax Credits SF 522 – Business Property Tax Credit HF 654 – Drainage Districts FLOOR AND COMMITTEE ACTION: SF 520 establishes a tax credit for [...]
Read the full story >>STAFF CONTACT: Kris Bell SF 516 – Tax credit for installation of residential or commercial small wind or solar energy system FLOOR ACTION: SF 516 establishes a tax credit for the installation of small solar or wind energy systems for residential or commercial property use. The tax credit is for 30 percent of the cost [...]
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