Iowa Sec. 179
We have just received word that IOWA is not planning on coupling with Federal tax law on the Sec. 179 write-off of equipment.
We have just received word that IOWA is not planning on coupling with Federal tax law on the Sec. 179 write-off of equipment. Iowa will be reverting to pre 9-11-01 amounts while the federal deduction remains $500,000. This will increase your state tax bill for 2016 if you purchased more than $25,000 of machinery and/or equipment. This change also adds an unnecessary complexity to keeping two separate depreciation schedules.
Please contact your local state legislator and encourage them to couple with the federal limit. Use the link below to get the contact information for your state legislators.