Gov. Kim Reynolds signed S.F. 220 into law which improves on the historic tax reform that was signed into law in 2018.
“Last year, we cut taxes and began reforming our broken tax code because when Iowans are able to keep more of their money, great things happen,” said Gov. Reynolds. “This new law helps spur economic growth and makes our tax code simpler and more fair. I appreciate Sen. Randy Feenstra for leading this effort and other key legislators for their support.”
This bill expands the expensing allowance deduction for corporations and now aligns with what individual taxpayers may take under TY2018 Section 179.
An act relating to the increased expensing allowance deduction by corporations, financial institutions, and partnerships and limited liability companies taxed as corporations, and including effective date and retroactive applicability provisions.