Senate Ways and Means, Dept. of Revenue talk tax policy
January 22, 2015
Officials from the Department of Revenue spoke to the Iowa Senate Ways and Means Committee Tuesday about recommendations to couple with federal tax law in some areas.
Revenue department officials have recommended coupling for Section 179 and other education expenses but not for bonus depreciation. Representatives from the department of revenue encouraged the Legislature to make their decision early in the year so taxpayers and tax preparers know what to do with returns before filing and to minimize amended returns. A subcommittee was held Thursday and SSB 1059 is expected to move through the full Ways and Means Committee next week.
During the meeting, Sen. Rob Hogg (D-Cedar Rapids) asked revenue department officials how the state would pay for the tax relief for business and expressed concerns with the tax plan passed in 2013. The comments set off a discussion among committee members.