The Department is excited to announce our new website, revenue.iowa.gov, is launching in one week, on July 9!
Division X of Senate File 2367, signed by Governor Reynolds on June 17, 2022, modifies the Iowa Solar Energy System Tax Credit to allow the Department to review certain residential installations that were previously denied due to the expiration of the credit. The legislation also re-opens and extends to June 30, 2022, the application deadline for residential installations completed during the 2021 calendar year for those who have not already applied.
The Department has issued new guidance related to Iowa’s conformity with certain tax provisions of the federal Consolidated Appropriations Act, 2021. This guidance focuses primarily on Iowa’s nonconformity with this federal law for tax years beginning prior to January 1, 2020. Iowa generally conforms with the federal tax changes to the extent they affect Iowa income taxes for tax years beginning on or after January 1, 2020.
Iowa Governor Kim Reynolds signed Senate File 2417, an extensive state tax reform bill to improve the tax structure in Iowa. The 2018 Iowa Tax Reform Bill includes an updated federal conformity provision for tax year 2018, which allows the same Earned Income Tax Credit (EITC) calculation at the state level that is allowed at the federal level.
Iowa Governor Kim Reynolds signed Senate File 2417, an extensive state tax reform bill to improve the tax structure in Iowa. The 2018 Iowa Tax Reform Bill includes modifications of the Research Activities Credit for individual and corporate income tax. The two modifications include: (1) a clarification of how the credit is calculated and (2) limitations on who may claim the credit.