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Sweeping New Iowa Tax Policy Unveiled – Tax & Accounting Blog

Iowa Gov. Kim Reynolds and Lt. Gov. Adam Gregg have announced a significant tax reform package. The goal of the tax reform is to provide immediate relief to middle class workers, small business owners, farmers, families and teachers across Iowa. Some of the items in the reform plan include:

– reduction of personal income tax rates

– increase in the standard deduction starting in 2019

– additional standard deduction for the elderly and blind in 2019

– educator expense deduction

– Code Sec. 179 expensing limit increase

– collection of out-of-state sales tax

– elimination of the alternative minimum tax

The text of the press release is available on the governor’s website at:

Press Release, Office of the Governor of Iowa, February 13, 2018

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Author: CCHTaxGroup

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