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Is today the day Iowa figures out its 2010 tax law?

March 24, 2011

A lobbyist tells me of rumors that the Ieadership of the Iowa General Assembly is "almost there" in settling differences between the House and Senate on Iowa's fixed asset cost recovery rules for 2010 and 2011. Both houses have passed bills allowing the federal Section 179 deduction limit of $500,000 retroactive to 2011. The Iowa House would also allow bonus depreciation for 2010, but the Senate would only allow it for 2011.

If there is an agreement, it is likely to be announced today, as they hate to work on Friday under the Golden Dome. We'll let you know if we hear anything.

UPDATE, 10:50 am: Sen. Majority leader Gronstal wouldn't say conference "is close" to a deal, per Kathie Obradovich's Twitter feed. Boo. Hiss.

UPDATE, 11:22 am: Kathie Obradovich tweets that House Speaker Paulsen says they're "v.v. close." If they can't even agree on how close they are, that may not be a good sign.

Related: Two weeks of conference committee later, we still don't know Iowa's 2010 depreciation rules

Image courtesy of Wikipedia

Tags: Iowa bonus depreciation.Iowa tax law.SB 209.Section 179.

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