by Ben Nuelle
The Iowa Cattlemen?s Association encourages members to take advantage of tax savings regarding tax coupling legislation signed by Governor Terry Branstad Monday. The bi-partisan approved legislation signed by Branstad addresses two key tax policies for Iowans: Coupling with federal tax policy for the 2015 tax year and signing the state?s manufacturing sales tax relief into law.
Matt Deppe is CEO of the Iowa Cattlemen?s Association.
?Coupling section 179 on the state level is something traditionally that Iowa does. In essence, it allows to take some of those expenses in 2015 and write them off so to speak. But the bigger picture is it allows them to reinvest not only in their operation but in their local communities so it?s a really good thing our producers have been hoping for and waiting for,? Deppe says.
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. 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.
Deppe adds the state of Iowa?s cattle industry is strong from an inventory standpoint but challenging from a marketing prospective.
?We?re seeing the markets find a level playing field to a certain extent. But ICA from our involvement standpoint we?re not market makers per say but certainly have been involved strategically and heavily in a lot of discussions centered around volatility especially when you look at the futures contract and how that jumped up and down,? Deppe says.
