IDR Releases New Tax Guidance: Retirement Income Exclusion
December 05, 2022
The Iowa Department of Revenue has released new tax guidance addressing the retirement income exclusion language contained within HF2317. The legislation excludes retirement income from Iowa taxable income for eligible taxpayers for tax years beginning on or after January 1, 2023.
Administrative Rules - Available for Public Comment; Adopted & Filed
November 30, 2022
The Iowa Department of Revenue has submitted new proposed rules to the Iowa Legislature (Farm to Food Donation Tax Credit, Geothermal Heat Pump Tax Credit, Income and Franchise Tax — Qualifying COVID-19 Grant Exclusion), available for public comment through December 20, 2022. The Department previously submitted the following proposed rule to the Iowa Legislature (Services Subject to Sales Tax). The following rule has been adopted and filed, effective January 4, 2022. See individual notices for details.
IDR Announces 2023 Interest Rates, Deductions, Income Tax Brackets
November 21, 2022
Des Moines, Iowa – The Iowa Department of Revenue announces individual income tax brackets and individual income tax standard deduction amounts for the 2023 tax year (applicable for taxes due in 2024) and the 2023 interest rate, which the agency charges for overdue payments.
The Department previously submitted the following proposed rules (Mandatory Electronic Fling of Tax Returns for Certain Taxpayers; Rent Reimbursement and Property Tax Credit Program - Transition Period) to the Iowa Legislature. The following rules have been adopted and filed, effective December 21, 2022. See individual notices for details.
The Iowa Department of Revenue has reorganized its administrative rules under Chapter 701 of the Iowa Administrative Code as of November 2, 2022. The Department completed this renumbering to allow it to reorganize the rules by related tax topics and to leave space in the Titles related to specific tax types for future expansion, as needed.
GovConnectIowa is the State of Iowa’s user-friendly self-service portal to register or renew certain business licenses and permits, file tax returns and reports, make payments, and more. The second rollout of a multi-year effort to simplify processes for taxpayers doing business in Iowa will launch on November 14.