Bills › 90th General Assembly
Where it is now
- Done: IntroducedFebruary 2, 2023
- Done: SubcommitteeFebruary 2, 2023
- Done: Senate committeeMarch 15, 2023
- Stopped: Passes the SenateDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2024 session adjourned on April 19, 2024, 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 relates to decoupling for Iowa tax purposes with federal additional first-year depreciation changes under section 168(k) of the Internal Revenue Code (bonus depreciation). BACKGROUND. The Tax Cut and Jobs Act of 2017 (TCJA), in part, made substantial changes to bonus depreciation by increasing the deduction amount from percent of qualified property to 100 percent of qualified property. Beginning with property placed in service after December 31, 2022, the federal bonus depreciation deduction amount begins to phase down by percent per year until property placed in service after December 31, 2026, is no longer eligible for bonus depreciation.
Read the full explanation
BILL CHANGES. Under current law, Iowa completely coupled with federal tax law for tax years beginning on or after January 1, 2020. The bill decouples Iowa for purposes of federal bonus depreciation, and permits a taxpayer for Iowa individual and corporate income tax purposes to continue to utilize bonus depreciation by allowing a taxpayer to deduct 100 percent of qualified property placed in service after December 31, 2022. By decoupling from federal bonus depreciation, the bill also preserves any other changes made to federal bonus depreciation under the TCJA for Iowa tax purposes including expanding the types of property that are considered “qualified property”. The bill takes effect upon enactment and applies retroactively to tax years beginning on or after January 1, 2022.
From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text
Senate subcommittee
Named January 9, 2024. It hasn’t reported yet.
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
Fiscal note
The change in the Bill to the amount of depreciation allowed in the year an asset is placed in service is projected to reduce individual income, corporate income, and bank franchise taxes owed to the State and, therefore, reduce State General Fund revenue.
- Full Expensing of Business Investments · March 31, 2023
Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note
Iowa Code it changes
Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works
Lobbying
5 for · 1 against · 5 undecided · Who →
Family tree
Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.
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90th General Assembly
Earlier and later bills are matched by wording or an identical title; check the text to be sure it’s the same idea.