Tax Cleanup Bills Advance

The Iowa Senate and House have each advanced legislation that seeks to clean up some of the issues that arose from the passage of SF 2417, a comprehensive tax policy bill in the 2018 legislative session. During the Senate subcommittee meeting, ABI commented in favor of three provisions in the bill on behalf of ABI members. There are some key provisions that affect ABI members, some of which are still included in the legislation and others that have been removed. The Senate amended and passed their version out of the Ways and Means Committee on Wednesday. The new bill, SF 631, added a few divisions to the bill and removed a few divisions including the ones related to GILTI and 163j. The bill still includes language on the definition of manufacturer and the computer taskforce.

A subcommittee in the Iowa House met Wednesday morning to discuss their version of the bill, HSB 257. ABI commented on the bill and asked for the House to consider including language regarding the manufacturing language in the Senate bill. An amendment is being drafted and is expected to be considered during the Thursday meeting of the Ways and Means Committee at 1 p.m. More information about both proposals and what was included in the House amendment will be discussed during the legislative update call.