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Spurring Community & Economic Growth

March 25, 2016
Steve Sodders - IA State Senator , Traer Star-Clipper

A bipartisan agreement will help Iowans filing taxes this year. The decision will "couple" Iowa's tax code with recent federal tax changes for 2015.

Farmers and small business owners will benefit from a provision called Section 179 expensing. Federal law allows them to take a larger deduction for equipment purchased as an investment in their operations.

SF 2303 also helps Iowa teachers who purchase supplies for their classrooms with their own money. Teachers may deduct up to $250 from their income for these expenses. The decision to couple with federal tax changes for 2015 will benefit other Iowans as well.

I am pleased we've reached a fiscally responsible agreement on this important issue.

A new grant program will spur economic growth by helping communities clean up neglected buildings. Many Iowa towns have underutilized, dilapidated buildings. To address the problem, the Iowa Senate recently gave bipartisan approval to SF 2229. The bill creates the Community Catalyst Building Remediation Fund to provide grants to rehab or demolish eyesores that stunt economic growth.

Iowa's Economic Development Authority will administer the fund, working with cities on plans to use grants in a way that is consistent with their community, housing and economic development goals. Forty percent of the money will go to towns with fewer than 1,500 residents. The bill is now under consideration in the House.

 
 

 

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