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The Department of Revenue has submitted a proposed rule to the Iowa Legislature. It is available for public comment through July 9, see individual notice below for details.
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Like-Kind Exchanges of Personal Property
The Department's proposed amendments implement the temporary nonconformity of Iowa’s tax laws to the federal repeal of gain or loss deferral from exchanges of like-kind personal property in tax year 2018. The proposed amendments would also implement 2018 Iowa Acts, Senate File 2417, and 2019 Iowa Acts, House File 779, which, in part, provide an election to defer gain or loss from exchanges of like-kind personal property in tax year 2019.
The Department of Revenue previously submitted the following proposed rules to the Iowa Legislature. The following rules have been adopted and filed, effective July 24, 2019.
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Educational Savings Plan Trust and ABLE Accounts
The Department proposed amendments to implement recent legislative changes to the Iowa educational savings plan trust and Iowa ABLE programs. These amendments update the Department’s existing rules to administer tax consequences of withdrawals for elementary and secondary school tuition expenses and will also update the Department’s rules related to Iowa ABLE accounts to reflect Iowa legislative changes.
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Section 179 Expensing
As a result of 2019 Iowa Acts, Senate File 220, the Department amends the existing charts in rules 701-40.65(422), 701-53.23(422), and 701-59.24(422) for individual income tax, corporate income tax, and franchise tax to reflect the higher limitations now applicable to corporations and financial institutions for 2018. The amendments will update references to the lower limits in the rules and examples to reflect the higher limits. Additionally, the federal section 179 dollar and reduction limitation amounts as indexed for inflation for 2019 by the Internal Revenue Service have been added to the charts.
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The statutory mission of the Iowa Department of Revenue is to serve
Iowans and support state government by collecting all taxes required by
law, but no more.
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