Joint Tax Expenditure Committee meets, discusses research activities credits

On Monday, Tax Expenditure Committee, a joint committee comprised of state senators and representatives, held its second and final meeting before the legislative session to review specific tax credit programs including the Research Activities tax credits, the High Quality Jobs Program and the earned income tax credit.

Iowa Economic Development Authority Director Debi Durham presented on the high quality jobs program. Durham fielded questions on the tight state budget and ways to tighten up some of the tax credit programs. Durham signaled that she was willing to come to the table with ideas where credits might be trimmed, capped or scaled back, but also pointed out that broader tax changes might help economic development within the state.  

ABI expects to participate in any tax reform discussions that occur this legislative session, to bring information forward about how various tax proposals affect ABI member companies.

The Tax Expenditure Committee is responsible for providing annual estimates of the cost of expenditures and performing a scheduled review of specified tax credits so that each credit is reviewed at least every five years.