Iowa Governor Branstad Finally Signs Coupling Bill
In the past, Iowa has always coupled Section 179 and other tax extender provisions with the IRS when these items are extended. However, with the passage of the new tax laws back in December including making Section 179 permanent at the $500,000 level (indexed to inflation), Iowa Governor Branstad initially balked at the idea of coupling Section 179 at this level. However, at the urging of most farmers and other business owners in Iowa and including this blog, the Legislature passed a one-year coupling of Section 179 at $500,000 and the Governor signed the law into effect last night.
Our assumption is that most of the tax software companies had already written up code based upon this law being passed, but the final filing of many Iowa farmers returns this year will be a little messy.
Paul Neiffer, CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
Comments are closed.