Tax Cleanup Bill Passes Senate Ways and Means
February 7, 2019
The Senate Ways and Means Committee met on Wednesday to consider two pieces of legislation. Some ABI members might find SSB 1098 of interest to their business. The legislation, introduced by Chairman Feenstra (R-Hull), would make clear that S Corporations also qualify for Section 179 as passed by the Iowa Legislature in 2018. The department interpreted the legislation to only apply to individuals and partnerships. The bill also extends the benefit to corporations. Sen. Feenstra views this legislation as clean-up and wanted to move it quickly through the legislative process so tax practitioners have clear guidance when completing 2018 tax returns. The legislation now moves to the Senate floor. We expect to see additional tax cleanup legislation, as a result of SF 2417 passed in 2018, later in the legislative session.