Iowa House introduces tax conformity legislation

January 21, 2016

The House Ways and Means Committee assigned House Study Bill 535 (HSB 535). This bill will temporarily couple for tax year 2015 the state tax code with all updates except bonus depreciation that the federal government made at the end of 2015. During his presentation at the ABI Legislative Briefing, Gov. Terry Branstad said his budget does not include coupling for some items including Section 179. Section 179 in the tax code allows businesses to take advantage of the cost of a piece of equipment up to $500,000 in the year it is purchased. ABI is registered in support of the legislation to couple with the tax code. Staff contact: Nicole Crain.