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LEGISLATURE SENDS REBATE EXEMPTION TO GOVERNOR
March 12, 2008
The legislature yesterday passed the bill (HF 2417) to exempt the federal "stimulus" rebate checks from Iowa Income tax. Governor Culver is expected to sign the bill.
Unfortunately, there's no sign that the legislature will conform Iowa tax law to adopt the federal depreciation and asset expensing provisions of the federal stimulus bill, forcing Iowa businesses to keep a separate set of fixed asset records at their own expense. Why? Because Microsoft, Google and itinerent filmmakers are more important to the Legislature than your business and your employer.
Related: IOWA DEPARTMENT OF REVENUE OUTLINES IOWA TREATMENT OF STIMULUS PROVISIONS
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