Tax Update Blog: Permalink
« Previous · Tax Update Blog Home · Next »
IOWA HOUSE PASSES TAX AMNESTY BILL
April 27, 2007
The Iowa House of Representatives cleared the tax amnesty bill, SF 580, this morning. While the Senate passed the bill almost unanimously, the bill had to overcome significant opposition in the House, passing 55-38.
This bill is expected to raise some millions to help finance the Governor's spending surge as tax delinquents come in from the cold. Unfortunately, the bill fails even the basic "carrot and stick" test of most tax amnesties by failing to increase penalties and enforcement efforts for non-filers. It instead offers only carrots - 1/2 interest and no penalties for those who come in from the cold between September 4 and October 31 of this year.
And if you're behind on your taxes now, the smart bet is probably to do nothing until September 4. If you have been living frugally to pay your taxes on time, or to catch up on your tax debts, the legislature has these words of comfort: sorry, chump!
Prior coverage:
IOWA SENATE PASSES AMNESTY BILL
WAYS AND MEANS VOTES TO SCHMUCK IOWA TAXPAYERS
• Eye on the Legislature: 2007 Bookmark: del.icio.us • Digg • reddit
Tax Updates
Subscribe to Tax Updates
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
Search Tax Updates
Friends and Neighbors
Economics Nerds
Hard-Core Tax Nerds
Gigablogs
Insurance Folk
Goners
Legislation
Tax Update Data Feeds
