It has finally passed!! And it only took until March 15th.
Yesterday the Iowa House passed bill HF 2433 to couple the Iowa tax law with the federal tax code. It passed the House by a vote of 79-18 and later in the day passed the Senate by a vote of 50-0. It now goes to the Governor who should be ready to sign it based on the large margin by which the bill passed.
The bill couples with all of the federal tax provisions except for bonus depreciation, which is the same as in prior years. However, this bill only applies to 2015 returns and will need to be dealt with again next year as it applies to the Section 179 deduction.
In addition to the increased section 179 deduction, this bill also applied to other items that were extended by Congress back at the end of 2015.
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