Tax bills under debate
May 7, 2015
Several tax-related bills remain received consideration this week, including:
HF 631: This bill allows first time home buyers in Iowa to create a dedicated savings account to use toward certain costs associated with purchasing a home. It allows a tax exemption of $3,000 for an individual or $6,000 for a couple in a single year. The bill passed the House this week with a vote of 91-7 and is currently in the Senate Ways and Means committee.
HF 660: This bill requires any city considering implementing increasing its franchise fee to hold a public hearing on the matter and provides requirements for notice of the hearing. The bill passed the House this week with a vote of 98-0 and is currently in the Senate Ways and Means Committee.
HF 626: This bill provides for extending the sunset for future repeal of the state board of tax review and further defines the responsibilities of the director of revenue. The bill passed the House 95-0, then was amended in the senate to extend the sunset rather than repeal. The amended version passed the Senate 50-0 this week and has been messaged to the House, which must agree to or resist the Senate amendment.
HF 653/SF 507 – Department of Revenue Policy Bill. The House version contains clarifying language for sales and use tax purposes for all-terrain vehicles used in agricultural production, amends language relating to disabled veteran homestead property tax credit application, and adds additional property tax exemptions for property of cemetery associations. The House version passed 97-1. The Senate version does not contain the language related to property of cemetery associations, but does include a new division that adds an additional ex officio member to the flood mitigation board. The Senate version also includes additional lanuage to durational limitation on use of sales tax revenue for the flood mitation program. The Senate version has passed the Ways and Means Committee and is ready for floor debate.