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They kicked 'em when they were down

April 24, 2009

The Iowa House tonight went along with the repeal of Iowa's corporation net operating loss carryback, effective starting with 2009 losses. After rejecting an amendment to strip the loss language from the bill (SF 483), it passed on a 52-48 vote. The bill also limits the use of corporate welfare tax credits and allows the department of revenue to keep your tax refund longer without paying interest.

If your corporation is having a tough 2009 - and who isn't? - remember, your legislators think they need the money to stimulate the economy more than you need a carryback refund to keep your doors open and your employees paid.

Prior coverage: Kick 'em when they're down: Iowa looks to raise taxes of businesses with losses

Tags: corporate income tax.corporate welfare.idiots.Iowa tax policy.NOL.