Tax Expenditure Committee Meets

January 10, 2019

The legislative tax expenditure committee met Tuesday, Jan. 8 to review specific tax credit programs and discuss potential legislative changes. During the meeting urban renewal areas/property tax increment financing, redevelopment tax credit, Endow Iowa tax credit, and child dependent care and early childhood development tax credits were reviewed. The Department of Revenue also provided data on some credits that are not included in Iowa Code 2.48, which is the code that prescribes what credits must reviewed by the Tax Expenditure Committee. Some members of the committee provided comments about some changes they would like to see as the 2019 session gets underway.

Sen. Feenstra informed members of the committee and public that the tax credit review process that was required in SF 2417 will be in the summer of 2019. He mentioned that all credits will be reviewed in further depth at that time. Although it is not expected major tax credit changes will happen this legislative session, ABI will be watching legislative proposals closely and sharing those with the ABI Tax Committee as the session progresses. If you would like to receive tax specific proposals, please contact Michelle Vollstedt with your contact information and she will add you to the committee list.