Bills › 88th General Assembly
HSB 709
Where it is now
- Done: IntroducedMarch 4, 2020
- Done: SubcommitteeMarch 4, 2020
- Stopped: House committeeDied when the General Assembly ended
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill provides deductions from the individual and corporate income taxes for business expenses incurred by medical cannabidiol manufacturers. Under federal law, a medical cannabidiol manufacturer is prohibited from taking business expense deductions by section 280E of the Internal Revenue Code. Currently, Iowa computes individual net income and corporate taxable income based upon federal income calculations, and therefore Iowa currently prohibits a medical cannabidiol manufacturer from taking business expense deductions as well because the deductions are not allowed at the federal level.
Read the full explanation
The bill allows a medical cannabidiol manufacturer licensed pursuant to Code chapter 124E to deduct business expenses for purposes of the Iowa individual income tax or corporate income tax. _____ The bill takes effect upon enactment and applies retroactively to tax years beginning on or after January 1, 2020.
House subcommittee
Named March 4, 2020. On March 12, 2020 it recommended passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Lobbying
2 for · 0 against · 4 undecided · Who →
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88th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- HF 2650 Relating to medical cannabidiol by providing deductions from the individual and corporate …90th General Assembly · In committeeVery similar
- HSB 687 Relating to medical cannabidiol by providing deductions from the individual and corporate …91st General Assembly · Subcommittee recommends passageSimilar
Matched by wording or an identical title.