Tuesday, May 8, 2018

Provision to Tax Iowa CUs Not Included in Final Tax Reform Bill

Iowa Republican leaders reached an agreement on tax reform, touting it as the largest tax cut in state history. However, the final bill left out a provision to apply the same state franchise tax to credit unions that banks pay.

The Senate version of the bill included a provision to tax credit unions. This provision was kept on the table throughout final discussions between Senate and House leaders and Gov. Kim Reynolds, but was ultimately dropped.

The Iowa Bankers Association stated that this issue is not going away and it is already working on this issue in preparation for the 2019 legislative session.

John Sorensen, CEO of the Iowa Bankers Association, stated to The Gazette: "Ï think we made real headway. The bill passed the Senate. That's never happened before."

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1 comment:

  1. AnonymousMay 8, 2018 at 4:42 PM

    Totally unjustified tax exemption.
    Consumers that wrote letters were duped.
    Lawmakers were cowards.

    ReplyDelete

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