Details
| Included in SF 533, were the the following tax changes impacting Iowa individual filers, corporate income filers (including C corps) as well as partnerships, fiduciary and franchise taxpayers for tax years 2010 and 2011. Taxpayers can make an adjustment on the 2011 tax year return for Iowa’s coupling with the federal Section 179 expensing limit for 2010. The taxpayer also has the option to amend 2010 or adjust 2011. In a related action, SF 209 approved by both the House and Senate contained coupling for federal bonus depreciation. This measure was item vetoed by the Governor along with an increase in the earned income tax credit in hopes of achieving broader more comprehensive reform of Iowa's property and income tax systems. |
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Effective immediately, retroactive to January 1, 2010 |
