Tax breaks

2020 snapshot

Exemptions, deductions and exclusions

The Department of Revenue hasn’t updated this study since 2020. These are its estimates for tax year 2020 (property tax: 2018 assessments). Iowa has since cut income tax rates to one flat rate and stopped taxing retirement income, so the income tax figures, especially, are out of date².

Every break in the study

423 breaks; the 80 costing the most are shown.

• Agricultural Classification Valuation$4.03B
  Property tax (local) · Partial exemption · Agriculture Support · Iowa Code 441.21(1)(e)Rather than market value, assessment of agricultural real estate is based exclusively on consideration of productivity and net earning capacity. The methods for determining productivity and earning capacity are applied uniformly among counties and classes of property.
• Resale of Tangible Personal Property$3.34B
  Sales and use tax · Exemption · Administrative · Iowa Code 423.3(2)Sale of tangible personal property or taxable services or for resale of tangible personal property in connection with the furnishing of taxable services are exempt from sales and use tax.
• Residential Classification Valuation Rollback$2.49B
  Property tax (local) · Partial exemption · Consumer Benefit · Iowa Code 441.21(4)Iowa law provides for statewide limitations on annual growth in assessed property valuations. Growth limits are set at 3 percent a year (8% for utilities) with a base of the 1978 assessment year for residential and agricultural property and 1979 for other classes of property.
• Federal Deductibility$821.6M
  Individual income tax · Deduction · Administrative · Iowa Code 422.9(2)(b)Federal income taxes paid during the tax year may be deducted from Iowa income subject to tax. Deductible federal income taxes include: (1) federal income tax withheld from compensation during the tax year, (2) federal estimated tax paid at any time during the tax year, (3) any additional federal tax on a prior …
• Medical Services$693.3M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.2Medical services are not listed as an enumerated taxable service; these services are thus nontaxable. Medical services purchased under government health i.e. Medicare or Medicaid services care are not subject to sales and use tax and are considered in a separate estimate.
• Agricultural Classification Valuation Rollback$680.4M
  Property tax (local) · Partial exemption · Agriculture Support · Iowa Code 441.21(4), 441.21(5)Iowa law provides for statewide limitations on annual growth in assessed property valuations. Growth limits are set at 3 percent a year (8% for utilities) with a base of the 1978 assessment year for residential and agricultural property and 1979 for other classes of property.
• Pension Contributions and Earnings in 401 (k) Plans$649.4M
  Individual income tax · Exclusion · Retirement Support · Iowa Code 422.3(5), 422.7Individual taxpayers can make tax-preferred contributions to certain types of employer provided 401(k) plans and 401(k)-type plans like 403(b) plans and the Federal government’s Thrift Savings Plan.
• Gambling Boat Games and Admissions$574.0M
  Sales and use tax · Exemption · Business Incentive · Iowa Code 99F.10(6)Sales by licensees authorized to operate excursion gambling boats for (1) charges for admission to excursion gambling boats and (2) gross receipts from gambling games authorized by the state racing and gaming commission and conducted on excursion gambling boats are exempt from sales and use tax.
• Indexation of the Tax Brackets$565.0M
  Individual income tax · Indexation · Administrative · Iowa Code 422.4(1), 422.5(6), 422.21(5)The tax brackets for a given tax year equal the statutory amount (the tax year 1988 tax brackets) multiplied by a cumulative inflation factor.
• Pension Contributions and Earnings in Employer Plans$525.4M
  Individual income tax · Exclusion · Retirement Support · Iowa Code 422.3(5), 422.7Certain employer contributions to pension plans are excluded from an employee’s income subject to tax even though the employer can also deduct the contributions. Those contributions and any investment income earned by the pension plans is taxed when the funds are withdrawn.
• Construction Services$492.2M
  Sales and use tax · Exemption · Business - Inputs for Manufacturing · Iowa Code 423.2Construction services are not listed as an enumerated taxable service; these services are thus nontaxable.
• Food Sales for Human Consumption$477.3M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.3(57)Sales of food for human consumption are exempt from sales and use tax if those food items are eligible for purchase under the Supplemental Nutrition Assistance Program (SNAP) administered by the United States Department of Agriculture.
• Interstate Sales$461.8M
  Sales and use tax · Exemption · Administrative · Iowa Code 423.3(43)The sale of property or of services performed on property which the retailer sends or delivers to a point outside of Iowa are exempt from sales and use tax as long as the property is not returned to Iowa, except in the course of interstate commerce or transportation.
• Agricultural Produce$461.6M
  Property tax (local) · Exemption · Agriculture Support · Iowa Code 427.1(11)The following classes of property shall not be taxed: Agricultural produce. Growing agricultural and horticultural crops except commercial orchards and vineyards. Eligible agricultural and horticultural crops include Christmas trees, bedding plants, berries and other nursery crops.
• Medical Services paid by Medicare and Medicaid$440.3M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.2Medical services purchased under government health i.e. Medicare or Medicaid services care are not subject to sales and use tax.
• Vehicles Subject to One-Time Registration Fee$436.6M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.3(73), 321.105AThe purchase of vehicles subject to registration or subject only to the issuance of a certificate of title and sales of aircraft are exempt from the sales and use tax. These purchases are subject to a one-time new registration fee of five percent, and these collections are deposited in the Road Use Tax Fund.
• Transportation Services and Delivery Charges$425.7M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.3(70)Transportation services, including the transportation of people, and delivery charges are exempt from sales and use tax when they are separately contracted in writing. If no written contract exists, the charges are not subject to sales and use tax if the bill itemizes the charges.
• Religious, Literary, and Charitable Societies' Property$356.3M
  Property tax (local) · Exemption · Charitable Organization Support · Iowa Code 427.1(8)All grounds and buildings used or under construction by literary, scientific, charitable, benevolent, agricultural, and religious institutions and societies solely for their appropriate objects, not exceeding three hundred twenty acres in extent and not leased or otherwise used or under construction with a view to …
• Fuel Subject to the Motor Fuel Excise Tax$348.8M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 452A.3Fuel used for any purpose for the privilege of operating motor vehicles in the state is exempt from the sales and use tax when it is subject to the excise tax which is applied before the sale is made to the consumer.
• Tax Levying or Certifying Bodies In Iowa$311.8M
  Sales and use tax · Exemption · Government · Iowa Code 423.3(31)Sales to any tax-certifying or tax-levying body of the State of Iowa or governmental subdivision are exempt from sales and use tax.
• Products Used in Processing$253.0M
  Sales and use tax · Exemption · Business - Inputs for Manufacturing · Iowa Code 423.3(51)Tangible personal property sold for processing is exempt from sales and use tax. Tangible personal property is sold for processing only when it is intended that the property will, by means of fabrication, compounding, manufacturing, or germination, become an integral part of other tangible personal property intended …
• Agricultural Feed$241.3M
  Sales and use tax · Exemption · Agricultural Input · Iowa Code 423.3(5)The sale of feed for any form of animal life when the product of the animals constitutes food for human consumption and the sale of food or medication used in disease control or health promotion of livestock produced as part of agricultural production for market are exempt from the sales and use tax.
• Processing Chemicals$211.1M
  Sales and use tax · Exemption · Business - Inputs for Manufacturing · Iowa Code 423.3(51), 423.6(3)Chemicals, solvents, sorbents, and reagents directly used and consumed, dissipated, or depleted in processing tangible personal property intended to be sold ultimately at retail shall be exempt from sales and use tax. A catalyst is considered to be a chemical, solvent, sorbent or reagent.
• Municipal and Military Property$210.5M
  Property tax (local) · Exemption · Government · Iowa Code 2015Government municipal and military property is exempt from property tax. Such property includes property of counties, townships, cities, school corporations, levee districts, and the Iowa National Guard.
• Slaughter and Meat Processing Services$209.2M
  Sales and use tax · Exemption · Business Incentive · Iowa Code 423.2Slaughter and meat processing services are not listed as an enumerated taxable service; these services are implicitly exempt from sales and use tax.
• Commercial and Industrial Property Tax Rollback$187.7M
  Property tax (local) · Partial exemption · Business Incentive · Iowa Code 441.21For property evaluations established for the assessment year beginning January 1, 2013, commercial and industrial property will be assessed at 95% of its actual value.
• Packaging Containers$176.3M
  Sales and use tax · Exemption · Business Incentive · Iowa Code 423.3(45)The sales of property which is a container, label, carton, pallet, packing case, wrapping paper, twine, bag, bottle, shipping case, or other similar article or receptacle is exempt from sales and use tax when sold to retailers or manufacturers for the purpose of packaging or facilitating the transportation of tangible …
• Nonprofit Hospitals$152.4M
  Sales and use tax · Exemption · Charitable Organization Support · Iowa Code 423.3(27)Sales of tangible personal property to or of services furnished for a nonprofit hospital licensed under Iowa Code 135B are exempt if the property or service purchased is used in the operation of the hospital.
• Commercial and Industrial Property Tax Replacement$152.0M
  Property tax (local) · Credit · Business Incentive · Iowa Code 441.21ABeginning with the fiscal year beginning July 1, 2014, a county may make a claim to the Department of Revenue for an amount equal to the total amount of the commercial and industrial property tax replacement claims made by the taxing districts located in the county.
• Industrial Machinery, Equipment and Computers$150.6M
  Sales and use tax · Exemption · Business - Inputs for Manufacturing · Iowa Code 423.3(47)This estimate includes: Installation of New Industrial Machinery The sale or rental of machinery, equipment, and computers used by a manufacturer in processing is exempt from sales and use tax.
• Prescription Drugs and Medical Devices$148.0M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.3(60)The sale or rental of prescription drugs, durable medical equipment, mobility enhancing equipment, prosthetic devices, and other medical devices intended for human use or consumption is exempt from sales and use tax.
• Capital Gain-Home Sales Exclusion$145.2M
  Individual income tax · Exclusion · Individual Benefit · Iowa Code 422.3(5), 422.7Any gain from the sale or exchange of personal residential property is excluded from income subject to tax if, during the 5-year period ending on the date of the sale or exchange, the property has been owned and used by the taxpayer as the taxpayer’s principal residence for at least two years.
• Residential Utility Exemption$141.3M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.3(84)(a)The sale or furnishing of metered gas, electricity, and fuel, including propane and heating oil, to residential customers which is used to provide energy for residential dwellings and units of apartment and condominium complexes used for human occupancy is exempt from sales and use tax.
• Homestead Property Tax Credit$140.0M
  Property tax (local) · Budgeted credit · Consumer Benefit · Iowa Code 425Provides property tax relief to individuals that own and occupy a property as a homestead on July 1 of each year, declare residency in Iowa for income tax purposes, and occupy the property for at least six months each year are eligible to claim a credit against property tax.
• Data Centers and Web Search Portals$128.2M
  Sales and use tax · Exemption · Business Incentive · Iowa Code 423.3(92)A business that qualifies as a web search portal business or a data center that has a physical location in Iowa and that meets specific criteria may obtain an exemption from sales and use tax on specific purchases that are used in the operation and maintenance of the web search portal business.
• Itemized Deduction for Interest Paid$128.0M
  Individual income tax · Deduction · Individual Benefit · Iowa Code 422.3(5), 422.9Taxpayers who itemize deductions may deduct from income subject to tax certain types of interest payments including home mortgage interest paid, mortgage insurance premiums, and investment interest paid.
• Business Property Tax Credit$125.1M
  Property tax (local) · Credit · Business Incentive · Iowa Code 426CA credit is established for property taxed as commercial property, industrial property or railway property. Property must be contiguous, be located within the same county, have the same property classification, be owned by the same person, and be operated by that person for a common use and purpose.
• Out-Of-State Tax Credit$124.8M
  Individual income tax · Credit · Administrative · Iowa Code 422.8(1)Iowa residents are allowed an out-of-state tax credit for taxes paid to another state or foreign country on income which is also reported on the taxpayer's Iowa return. The out-of-state tax credit is allowable only on income earned while an Iowa resident.
• Casual Sale of Goods and Services$108.4M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.3(39)Sales of otherwise taxable tangible personal property or services that are on a casual basis are generally exempt from sales and use tax.
• Commercial Fertilizer and Lime$107.6M
  Sales and use tax · Exemption · Agricultural Input · Iowa Code 423.3(4)Commercial fertilizer and agricultural limestone sales are exempt from the sales and use tax if the purchaser utilizes the fertilizer or limestone for the health promotion of plants which are produced as part of agricultural production for market. Plant hormones are considered to be commercial fertilizer.
• Pension/Retirement Income Exclusion$107.6M
  Individual income tax · Deduction · Retirement Support · Iowa Code 422.7(31)A taxpayer who is fifty-five years of age or older, disabled, or is the surviving spouse, son, daughter, mother, father, or other person with an insurable interest in an individual who would have qualified for the partial pension exclusion, is eligible to deduct from income subject to tax a portion of pension or …
• Itemized Deduction for Gifts to Charity$107.5M
  Individual income tax · Deduction · Charitable Organization Support · Iowa Code 422.3(5), 422.9Taxpayers who itemize deductions may deduct from income subject to tax cash or in-kind contributions to qualified nonprofit, charitable organizations. Taxpayers who drove for volunteer purposes may also deduct the actual cost of the gas and oil, or 14 cents per mile driven.
• Itemized Deduction for Taxes on Owner-Occupied Property$105.7M
  Individual income tax · Deduction · Individual Benefit · Iowa Code 422.3(5), 422.9Taxpayers who itemize deductions may deduct from income subject to tax property taxes paid on their primary and secondary residences.
• Wind Energy Conversion Property$103.2M
  Property tax (local) · Partial exemption · Environmental Support · Iowa Code 427B.26A city council or county board of supervisors may provide for special valuation of wind energy conversion property. The special valuation applies to the net acquisition cost of the wind energy conversion property. The special valuation schedule is 0% for the first assessment year;
• Trade-In for Remanufacture or Resale$93.9M
  Sales and use tax · Exemption · Administrative · Iowa Code 423.3(59)When tangible personal property is traded toward the purchase price of other tangible personal property, the gross receipts are only the portion of the purchase price which is payable in money to the retailer if two of three conditions are met: (a) the tangible personal property is traded to a retailer, and the …
• Pension Earnings in Individual Retirement Accounts$90.9M
  Individual income tax · Exclusion · Retirement Support · Iowa Code 422.3(5), 422.7The investment income earned on tax exempt contributions into traditional Individual Retirement Accounts (IRA’s) is excluded from income subject to tax until the income is withdrawn. Investment income earned on after-tax contributions into Roth IRA’s is permanently excluded from income subject to tax.
• On-Line Computer Service$90.3M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.3(65)The furnishing of any contracted on–line service is exempt from sales and use tax if the information is made available through a computer server. The exemption applies to all contracted on–line services, as long as they provide access to information through a computer server.
• Farm Machinery - Self-Propelled$85.5M
  Sales and use tax · Exemption · Agricultural Input · Iowa Code 423.3(8)The sale or rental of farm machinery and equipment and replacement parts, including auxiliary attachments which improve the performance, safety, operation, or efficiency of the machinery and equipment, is exempt from the sales and use tax if the machinery and equipment is used directly and primarily in production of …
• Urban Revitalization$84.8M
  Property tax (local) · Partial exemption · Business Incentive · Iowa Code 404Cities or counties may establish urban revitalization areas in order to encourage development. The city or county may thereby exempt from property tax portions of new taxable value added to qualified property located in the urban revitalization area if the new value is the result of improvements made to the property …
• Research Activities Tax Credit$77.4M
  Tax credits (Corporation and Individual Income) · Credit · Business Incentive · Iowa Code 15.119, 15.335, 15A.9(8), 15E.196(4), 422.10, 422.33(5)A refundable Research Activities Tax Credit is available for increased research activities by companies in Iowa. The credit is based on the federal research tax credit, with the Iowa credit based on the ratio of Iowa research expenditures over total research expenditures.
• Personal Exemption Credit$77.0M
  Individual income tax · Credit · Individual Benefit · Iowa Code 422.12(2)(a)Personal exemption credits may be deducted from tax, but cannot reduce the tax below $0. Personal credits vary by filing status with $40 allowed for single filers, $80 for married taxpayers filing jointly, $40 for married filing separately on separate returns or for each spouse filing separately on combined returns, …
• Nonresident/Part-Year Resident Tax Credit$75.3M
  Individual income tax · Credit · Administrative · Iowa Code 422.8(2)(a)An individual who is a nonresident of Iowa for the entire tax year or for part of the tax year is allowed a credit against the individual's Iowa income tax liability for the Iowa income tax on the portion of the individual's income which was earned outside Iowa while the taxpayer was a nonresident of Iowa.
• Processing Power and Fuel$75.0M
  Sales and use tax · Exemption · Business - Inputs for Manufacturing · Iowa Code 423.3(50)(51), 423.6(3)(b)The sales price of electricity or steam when purchased and used in the processing of tangible personal property intended to be sold ultimately at retail and any fuel which is consumed in creating power, heat, or steam for processing or for generating electric current are exempt from sales and use tax.
• Earned Income Tax Credit$72.3M
  Tax credits (Individual Income) · Credit · Family Support · Iowa Code 422.12BThis credit is available to individual taxpayers who qualify for the federal earned income tax credit. The credit is equal to 15 percent of the federal earned income tax credit for tax years 2014 and beyond. The federal credit amount varies by income, marital status and number of dependents claimed.
• Standard Deduction$71.9M
  Individual income tax · Deduction · Individual Benefit · Iowa Code 422.9(1)Taxpayers are allowed to deduct from income subject to tax a standard deduction which varies by filing status. In 1989, the standard deduction amounts were set at $3,030 for a married couple filing jointly, a qualifying widow(er) or unmarried head of household and $1,230 for a married person filing separately or a …
• Dentists$69.4M
  Sales and use tax · Exemption · Consumer BenefitReceipts for services performed in Dentists offices in the State of Iowa.
• Architectural and Engineering Services - Business$68.8M
  Sales and use tax · Exemption · Business Incentive · Iowa Code 421.14, 423.2Architectural and engineering services are not listed as enumerated as taxable services; these services are implicitly exempt from the sales and use tax.
• Itemized Deduction for State Sales Tax in Lieu of Income Tax$68.0M
  Individual income tax · Deduction · Government · Iowa Code 422.9(2)(i)Taxpayers who itemize deductions can deduct from income subject to tax State sales and use taxes paid if the taxpayer elected to deduct State sales and use taxes in lieu of State income taxes on their federal return.
• Construction Materials under Contracts with Tax Exempt Entities$66.1M
  Sales and use tax · Exemption · Charitable Organization Support · Iowa Code 423.3(80)Designated tax-exempt entities awarding construction contracts on or after January 1, 2003 may issue special exemption certificates exempting contractors and subcontractors from paying sales and use tax for materials used in the construction project.
• Agricultural Chemicals$62.5M
  Sales and use tax · Exemption · Agricultural Input · Iowa Code 423.3(5)This estimate includes: An undetermined portion of Adjuvants and Surfactants Sales of herbicides, pesticides, insecticides which are to be used in disease, weed, or insect control or health promotion of plants or livestock produced as part of agricultural production for market are exempt from sales and use tax.
• Legal Services - Business$58.9M
  Sales and use tax · Exemption · Business Incentive · Iowa Code 421.14, 423.2Legal services are not listed as an enumerated taxable service; these services are implicitly exempt from sales and use tax.
• Multiresidential Property Rollback$58.5M
  Property tax (local) · Partial exemption · Consumer Benefit · Iowa Code 441.21(13)(b)For valuations established for the assessment year beginning January 1, 2018, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which multiresidential property shall be assessed shall be the greater of seventy-five percent or the percentage of actual value …
• Laboratory Tests on Humans$54.1M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.2(6)Receipts for the service of laboratory testing on humans are exempt from sales and use tax.
• Standard Deduction-Indexation$53.1M
  Individual income tax · Indexation · Individual Benefit · Iowa Code 422.4(2), 422.9(1), 422.21(5)The standard deduction amounts established in 1989 are multiplied by the current cumulative inflation factor. Each tax year, a new cumulative inflation factor is determined by multiplying the prior year’s cumulative inflation factor by a newly calculated annual inflation factor.
• S Corporation Apportionment Tax Credit$50.9M
  Tax credits (Individual Income) · Credit · Administrative · Iowa Code 422.8(2)(b)Individual resident shareholders of S-corporations which conduct business within and without Iowa can claim the S-Corporation Apportionment Tax Credit.
• Sales by a City or County$49.7M
  Sales and use tax · Exemption · Government · Iowa Code 423.3(32)In general, sales made by a city or county are exempt from sales tax. The exemption does not apply to sales from furnishing or service of gas, electricity, water, heat and communication services rendered, furnished or performed by a county or city.
• Federal and State Property$44.9M
  Property tax (local) · Exemption · Government · Iowa Code 427.1(1)Property of the State of Iowa and the United States, with the exception of federal property subject to taxation under federal statute, is exempt from property tax. , including state university, university of science and technology, and school lands,
• High Quality Jobs Program (HQJP) Local Property Tax Exemption$42.3M
  Property tax (local) · Partial exemption · Business Incentive · Iowa Code 15.332A city, county, or partnership of government entities may exempt the value added by property improvements related to new jobs created by the location or expansion of an eligible business from property tax under the High Quality Jobs Program.
• Accounting and Bookkeeping Services - Business$40.9M
  Sales and use tax · Exemption · Business Incentive · Iowa Code 421.14, 423.2Accounting and bookkeeping services are not listed as an enumerated taxable service; these services are implicitly exempt from sales and use tax.
• Pension Earnings in Self Employed Retirement Plans$40.7M
  Individual income tax · Exclusion · Retirement Support · Iowa Code 422.3(5), 422.7Investment income earned in self-employed retirement (Keogh) plans is excluded from income subject to tax in the year it is earned. The income is subject to tax when the funds are withdrawn
• Fifty Percent Federal Deductibility$38.0M
  Corporate income tax · Deduction · Administrative · Iowa Code 422.35(4)Corporations may deduct from net income fifty percent of federal income taxes paid or accrued during the tax year, adjusted for any federal income tax refunds received during the tax year.
• Workers' Compensation Benefits$36.0M
  Individual income tax · Exclusion · Individual Benefit · Iowa Code 422.3(5), 422.7Benefits received by an employee under a workers’ compensation act providing compensation to employees for personal injuries or sickness incurred in the course of employment are excluded from income subject to tax.
• Dependent Exemption Credit$32.7M
  Individual income tax · Credit · Family Support · Iowa Code 422.12(2)(a)(3)A tax credit of $40 is allowed for each dependent claimed on the return. Credits are nonrefundable, meaning claims may not exceed the computed tax. Dependent has the same meaning as provided by the Internal Revenue Code;
• Alternative Minimum Tax Exemption$32.4M
  Individual income tax · Exemption · Administrative · Iowa Code 422.5(2)(b)(2)In determining the individual minimum tax, which is imposed to the extent that it exceeds regular tax liability, minimum taxable income is reduced by an exemption before application of the tax.
• Prepaid Merchandise Cards$31.5M
  Sales and use tax · Exemption · Administrative · Iowa Code 423.1(46), 423.2(1)Sales of prepaid merchandise cards other than prepaid telephone calling cards are not sales of tangible personal property and thus are exempt from the sales and use tax.
• Veterinary Products and Services - Small Animal$31.5M
  Sales and use tax · Exemption · Consumer Benefit · Iowa Code 423.3(5)Veterinary services are not an enumerated taxable service and thus are not subject to sales and use tax. The exemption does not apply to food, drugs, medicines, bandages, dressings, serums, and tonics used in the treatment of pets or animals for hobby purposes or any sales of tangible property or enumerated service …
• Health Insurance$30.2M
  Individual income tax · Deduction · Individual Benefit · Iowa Code 422.7(29)Taxpayers may deduct from income subject to tax amounts paid by a taxpayer for health insurance for the taxpayer, the taxpayer's spouse, and the taxpayer's dependents to the extent the amounts paid are not otherwise deductible for Iowa tax purposes. Amounts paid on a pretax basis may not be deducted.
• Agricultural Land Tax Credit$29.1M
  Property tax (local) · Budgeted credit · Agriculture Support · Iowa Code 426The Agricultural Land Tax credit was established to partially offset the school tax burden borne by agricultural real estate. Current law allows a credit for any general school fund tax in excess of $5.40 per $1,000 of assessed value.
• Foreign Dividends$27.7M
  Corporate income tax · Deduction · Administrative · Iowa Code 422.35(21)Corporations may claim a deduction based on percentage of ownership as set forth in Section 243 of the Internal Revenue Code for foreign dividends including Subpart F income, income earned by a foreign subsidiary of a domestic corporation strictly from foreign sources, as defined in Section 952 of the Internal Revenue …
• Capital Gain-Carryover Basis of Gifts$25.6M
  Individual income tax · Exclusion · Individual Benefit · Iowa Code 422.3(5), 422.7When property is gifted, the tax basis for the gift equals the cost that was paid when the transferred property was first acquired by the donor plus an allowance for any gift taxes paid on the gift.