Tax Tip Tuesday: It Passed! A Special Edition of Tax Tip Tuesday
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.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.