|
The Iowa Department of Revenue previously submitted the following proposed rule to the Iowa Legislature. The following rule has been adopted and filed, effective August 4, 2021.
-
Interest Expense Deduction Adjustments
This rule implements the adjustments to income for Iowa individual and corporate income and franchise taxes for interest expense deductions, which are limited for federal income tax purposes but permitted in full for Iowa purposes for tax years beginning on or after January 1, 2020. The rule also covers adjustments that may be needed due to Iowa’s changing conformity with these federal limitations for tax years 2018 and 2019. View the Department's Business Interest Expense Conformity page for additional clarification.
To receive notifications of resources and guidance issued by the Department, subscribe to updates by selecting the tax topics of interest.
The 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.
|
