In 2018, Governor Reynolds signed into law Senate File 2417. The Department has released updated guidance to explain this tax change as it relates to the following:
- Iowa Corporate Income Tax Changes for 2021
Several significant changes to Iowa’s corporate income tax take effect in 2021 as a result of the Iowa tax reform bill. These changes include reductions to corporate income tax rates and the elimination of both federal deductibility and the Iowa corporate income Alternative Minimum Tax. In addition, under Senate File 619, bonus depreciation will be allowed for Iowa purposes for property placed in service in tax years beginning on or after January 1, 2021.
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