by Ben Nuelle
Iowa?s Agriculture Secretary urges the Iowa Senate to take up a tax coupling bill.
House File 2092 is an act temporarily updating the Code references to the Internal Revenue Code and decoupling from certain federal bonus depreciation provisions. It also includes effective date and retroactive applicability provisions.
Iowa Agriculture Secretary Bill Northey urges the Iowa Senate to take up this bill so farmers all across the state won?t face unexpected tax bills if Iowa doesn?t couple with section 179 of federal tax law.
?It?s very important the Senate take it up as well. It sounds like the Governor is interested in supporting it. It will be very important especially in these tougher financial times to be able to do what has always been done the last decade or so and that?s coupling with section 179.?
Northey says there is some confusion with this section.
?The confusion on section 179 really makes it such that the farm filing date which is March 1st should be extended because we have folks trying to get their taxes in and trying to decide how many dollars? worth of taxes they need to pay and it should be extended so people have time to do that. So that could be extended to April 30th when the balance of taxes is do, that will be a lot easier on preparers and on farmers. It would certainly allow time for the legislature to get the coupling passed and the Governor get it signed.?
The tax coupling bill passed the house in January.
