|House Exempts Federal Tax Rebate from State Taxes|
Thursday, February 28, 2008
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HOUSE EXEMPTS FEDERAL TAX REBATES
Des Moines, Iowa – By a unanimous vote today, the Iowa House made sure Iowans will not pay Iowa income taxes on the rebate checks they will receive from the federal government this spring. It is estimated that rebates to Iowans will total about $1 billion.
"The bill we approved today will provide $67 million in income tax relief for Iowans. The rebate checks will help Iowans cope with rising health care costs and record high gas prices," said State Representative Tyler Olson, D-Cedar Rapids. "I am proud to continue helping middle class families here in Iowa."
The House also approved another measure, Senate File 2123, to help small businesses in Iowa, which includes 97% of businesses. A tax change at the federal level was adopted at the state level and will double the Section 179 expensing allowance for depreciable business assets from $128,000 to $250,000 for Iowa small businesses.
The federal tax rebate exemption bill, House File 2417, and Senate File 2123 will both now go to the Senate.
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