Senate Introduces and Advances Second Major Tax Bill

Lawmakers have introduced SF 2372 and the bill is making its way through the Iowa Senate. The bill lowers franchise and premium taxes on banks and insurance companies. The bill also makes changes necessary for the tax treatment of “consumable foods” that are needed to align new administrative rules promulgated by the department of revenue with the tax reporting practices of these producers prior to the rule. The bill goes further by eliminating several tax credits such as those affecting computers and computer peripherals that many other ABI member companies use. Many of these changes in credits were considered and deleted when the broader corporate and individual income tax bill was negotiated between the Senate, Governor and House. ABI staff will keep members informed on the progress of this legislation. For more information contact JD Davis.

• ABI Position: For
• Status: Alive