The Department is excited to announce our new website, revenue.iowa.gov, is launching in one week, on July 9!
Sales and Use Tax Exemption for Purchases of Computers and Computer Peripherals by Certain Entities Ends on December 31, 2023
Iowa Code section 423.3(47)(a)(4) provides a sales and use tax exemption for purchases of computers and computer peripherals used in processing or storage of data or information by an insurance company, financial institution, or commercial enterprise. These entities are defined in Iowa Code section 423.3(47)(d).
IDR Issues New Income Withholding Tax Tables for 2024
The Iowa Department of Revenue is issuing updated income tax withholding formulas and tables for 2024. The Department updates withholding formulas and tables when necessary to account for inflation and for changes in individual income tax liability resulting from changes in Iowa law.
IDR extends 2022 Pass-Through Entity Tax Election Deadline
The Department has extended the deadline to make a Pass-Through Entity Tax (PTET) election for tax year 2022 from January 2, 2024 to April 30, 2024. As a result, a tax year 2022 PTET election must be made by the later of the following dates:
- April 30, 2024, or
- The due date for filing the 2022 IA 1065 or 2022 IA 1120S, including extensions.
Making a PTET election. PTET elections for tax year 2022 are made by filing the 2022 PTET form on GovConnectIowa.