|The Greater Cedar Valley Alliance & Chamber is closely watching legislation that would allow coupling of Iowa state taxes with federal tax law under Section 179 to allow tax deductions for equipment purchased, certain investments made, and particular individual deductions claimed by businesses in 2015.|
Here are some of the items that will not be eligible for a deduction on your Iowa taxes if the Iowa Senate does not act:
- Small business equipment purchases (including business vehicles, computers and office furniture)
- IRA contributions to charity
- Gain from qualified small business stock
- Basis adjustment for S corporation charitable contributions
- Built-in gain tax five-year recognition period
- Educator expense deduction
- Qualified tuition deduction
- Conservation easement deductions
- Deduction for food inventory contributions
The bill has already passed the Iowa House (House File 2092) and is now being considered by the Iowa Senate. Please contact your Senator and encourage them to pass this bill that would couple state and federal tax policies to allow for these business deductions.
District 25 – Senator Bill Dix
District 26 – Senator Mary Jo Wilhelm
District 27 – Senator Amanda Ragan
District 30 – Senator Jeff Danielson
District 31 – Senator Bill Dotzler
District 32 – Senator Brian Schoenjahn
District 36 – Senator Steve Sodders
District 38 – Senator Tim Kapucian
Unsure who to contact? Find your district Senator here.
For more information, contact Steve Firman, Director of Government Relations.