Governor Kim Reynolds will deliver the annual "Condition of the State" address at 6 p.m. tonight. During a speech early Monday morning, Reynolds may have given a preview of her general evaluation of the state's status. "This past year has been challenging, it's been unprecedented, and it's been … [Read more...]
Education, taxation, safety issues paramount for 2021 Iowa legislature
The 2021 Iowa legislative session is scheduled to begin today, with Republicans who control the debate agenda predicting significant action on education and taxation. Senate Republican Leader Jack Whitver of Ankeny said there's no consensus yet, though. "The tax conversation and tax changes … [Read more...]
You should see few changes for normal tax filing this year
Many Iowans will soon be starting the process of filling out their state and federal tax returns, as those W-2 forms should be arriving in our mailboxes by the end of the month. Urbandale CPA Jeff Strawhacker says there are very few major changes for the 2020 filing season and this round of tax … [Read more...]
Governor shelves Invest in Iowa tax plan
Governor Kim Reynolds says due to the pandemic, she will not ask legislators to pass the tax reform plan she unveiled last February. "At this point, I'm going to pause the 'Invest in Iowa' initiative," Reynolds said this morning during a forum sponsored by the Iowa Capitol Press Association. "I … [Read more...]
Do you have to pay tax on your stimulus check?
Many Iowans are finding an extra $600 deposited in their checking accounts this week, courtesy of Uncle Sam. The latest round of federal stimulus checks are arriving, with married couples who meet income guidelines getting $1,200, and 600 more dollars for each child. Urbandale CPA Jeff … [Read more...]
Sales taxes account for 44% of growth in overall Iowa tax receipts
The amount of taxes paid to the State of Iowa continued to grow over the past six months, fueled in part from state sales taxes on electronic commerce -- like online shopping and streaming services like Netflix. Net tax payments to the state last month were up more than 5% over the previous … [Read more...]
Some derecho victims eligible for federal tax breaks
A series of federal tax breaks are now available for many Iowans who took a financial hit from last summer's derecho. The new law waives penalties for individuals who make early withdrawals from their retirement savings to pay for storm-related expenses. Businesses in the derecho zone that had … [Read more...]
Senate Republicans aim for ‘aggressive’ tax reduction
The 11-week shut down of the 2020 Iowa legislative session due to the pandemic delayed a debate about tax policy that's likely to be front-and-center of the 2021 session. "I've said this many times, but as long as I'm the leader of the Senate and as long as we're in the majority, we're always … [Read more...]
Senate GOP leader says casino taxes a 2021 discussion
The top Republican in the Iowa Senate says the 2021 Iowa legislature may debate tax changes for the 19 state-licensed casinos. It's not a sure bet at this point, but Senate Majority Leader Jack Whitver of Ankeny said legislators have begun discussing options. "That's an industry that has been … [Read more...]
Legislators await governor’s revised Invest in Iowa plan
Key legislators say the financial toll of the pandemic on Iowa isn't fully known and it's best to be prudent when it comes to any state tax changes. "I guess I'm kind of in the 'wait and see mode' to see what the governor comes with, with her Invest in Iowa, if she's going to move that forward or … [Read more...]