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IOWA SENATE LEADERSHIP INTRODUCES COMBINED REPORTING BILL
January 24, 2007
The head taxwriter in the Iowa Senate has introduced a bill (SSB 1074) that would require multistate "unitary" corporate groups doing business in Iowa to report their income on a combined basis. This is an idea pushed by ex-Governor Vilsack, and Tax Analysts reports ($link) that Governor Culver will also likely support it.
The bill would apply to groups eligible to file a federal consolidated return. It is designed to increase state tax receipts by restoring to the tax base income steered to corporations in low tax states through management fees and other intercompany income-shifting devices.
A bolder and wiser move would be a repeal of the state corporation income tax, which contributes insignificantly to Iowa's tax revenues. Not bloody likely with the current political makeup of the legislature.
We are tracking all tax bills in the legislature at our 2007 Iowa Tax Legislation page, which is linked from the blogroll on the left side of the main Tax Update page.
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