3/21/2016 12:00:00 AM
Iowa Cattlemen Appreciate Tax Coupling Relief
The Iowa Cattlemen’s Association applauds Governor Branstad for signing into law state tax coupling with portions of federal tax code Section 179. This action follows movement from the Iowa House and Senate earlier this week.
The bi-partisan approved legislation addressed two key tax policies for Iowans:
- Coupling with federal tax policy for the 2015 tax year.
- Signing the state’s manufacturing sales tax relief into law.
By coupling state and federal tax policy, Iowa farmers and small business owners can truly benefit from investments made in 2015. The legislation will provide $98 million in tax relief for Iowa farmers and small business owners. According to the state’s fiscal agency, this year’s federal tax coupling legislation could result in an additional $30 million of state revenue next year. This projection includes tax coupling; which legislators would need to address again during the 2017 session.
“Iowa cattlemen appreciate the support of our legislative leaders on the tax coupling issue,” says Justine Stevenson, ICA’s Director of Government Relations. “Coupling with federal tax policy allows our members to reinvest in their businesses and continue to grow Iowa’s economy.”
The Iowa Cattlemen’s Association encourages members to take advantage of this tax savings. If farm returns were filed by the typical March 1 deadline, farmers will need to file an amended return to take advantage of the new provisions. In late February Governor Branstad and the Iowa Department of Revenue extended the filing deadline for Iowa farmers from March 1 to April 30.
About the Iowa Cattlemen's Association: The Iowa Cattlemen’s Association represents more than 10,000 beef-producing families and associated companies dedicated to the future of Iowa’s beef industry. ICA’s mission is “Grow Iowa’s beef business through advocacy, leadership and education.”