House Appropriations subcommittee advances tax credit legislation

April 6, 2017

A three-person subcommittee on Thursday morning advanced HSB 187, which caps multiple credits for both individuals and corporate tax filers. During comments, Rep. Pat Grassley (R-New Hartford), chair of the House Appropriations Committee, said the only credits excluded from further discussion are the Earned Income Tax Credit and 260E programs, which support community colleges. 

Grassley wants to look at credits, including many business tax incentives, that allow refundability and transferability. We expect an amendment to be introduced before the bill advances through the full committee. However, the general feel from those who attended the subcommittee is that Grassley intends to move this legislation through the full Appropriations Committee. With only 12 scheduled days until adjournment, this is something ABI will be watching and providing updates on as information becomes available. 

Read More: Tackling state tax credit system a tricky maneuver (Radio Iowa)