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Economic Development
Regions
Regions within the state
would be allowed to organize according to economic interest rather
than along city or county lines. These regional entities would be
eligible to receive tax credits and financial assistance, as well as
benefit from a regional revenue sharing pilot program
Economically Isolated
areas
In an effort to assist the
most rural areas, this bill would allow an area to organize and
apply for this classification. If the area meets the criteria, it
may then apply for up to $750,000 over a five-year period for
economic development-related assistance.
HOUSE PASSES IRC UPDATE
On Monday, February 14, the House of Representatives unanimously
approved House File 186.
House File 186– Internal Revenue Code Update
(IRC) This bill is the annual Internal Revenue Code Update as
proposed to the Legislature by the Iowa Department of Revenue. It
includes into Iowa income tax law the federal income tax changes
enacted by Congress since 2003.
Some important provisions within HF 186 are:
-Allowing the deduction for contributions to health savings
accounts,
-Allowing a deduction for teachers for up to $250 for out-of-pocket
classroom expenses,
-Allowing an itemized deduction for contributions made in January,
2005, for relief of victims of the Indian Ocean tsunami to be
deducted on the 2004 tax return.
VAN
FOSSEN TO APPEAR ON IOWA PRESS
Rep. Jamie Van Fossen will appear on this week’s Iowa Press
television program on Iowa Public Television (IPTV). Now in its 31st
season, Iowa Press each Friday and Sunday explores the issues
and discusses the topical events affecting the lives of Iowans.The
news makers, the policy makers and the elected official behind the
story join in the weekly half-hour discussion. Iowa Public
Television stations include: Channel 32, Waterloo; Channel 11, Des
Moines; Channel 12, Iowa City (Quad Cities); Channel 21, Fort Dodge;
Channel 24, Mason City; Channel 27, Sioux City; Channel 32, Council
Bluffs; Channel 36, Red Oak.
Ways
& Means Update
Bills introduced in committee this week:
House Study Bill 19-
A Joint Resolution proposing an amendment to the Constitution of the
State of Iowa to require approval by vote of the people before
certain tax or fee increases take effect.
House File 311 -A bill for an act relating to tax credit
certificates issued by the Iowa capital investment board and
providing an effective date.
House File 320 -A bill for an act providing that
contributions made to certain school tuition organizations may be
treated as credits under the individual income tax and including an
applicability date provision.
House File 323 -A bill for an act providing for a business
property tax credit for property taxes due, making appropriations,
and including effective and applicability date provisions.
House File 333 -A bill for an act relating to an individual
income tax credit for certain organ transplants and providing a
retroactive applicability date.
House File 336 -A bill for an act relating to the repeal of
the state inheritance tax and state qualified use inheritance tax.
Bills passed out of
committee this week:
House File 310 -
A bill for an act exempting the sale of toys to certain
nonprofit organizations from state sales and use taxes. (Formerly HF
101)
House File 313 -A bill for an act relating to the establishment
of an industrial processing exemption study committee and including
an effective date. (Formerly HSB 78)
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Week
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