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Frenzy day at the statehouse?

April 24, 2009

Reporter Charlotte Eby hints at her Twitter feed that the Iowa Legislature might pull an all-nighter to maximize the damage complete their business for the session and adjourn.

Open tax items include:

- The potential retroactive repeal of the state income tax deduction for federal taxes paid.
- The disallowance of corporate net operating loss carrybacks starting with 2009 losses, in favor of a carryforward-only system.
- A potential cap on the amount of corporate welfare tax credits to be issued.

It could be an interesting day.

Tags: corporate welfare.federal deductibility.Iowa tax policy.NOL.

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