The Iowa Legislature has two pressing issues to take action on immediately. School funding and the choice to couple with federal tax law. Today we look at coupling with federal tax law.
Each year the federal government, through Congress, decides whether or not to implement a series of provisions that have become a package of tax policy. These items include:
• A $250 deduction for classroom teachers for classroom supplies.
• Choice to deduct state sales or use tax instead of state income tax as an itemized deduction.
• Tuition and fees deduction for higher education expenses.
• Deduction for mortgage insurance premiums in some cases.
• Non-taxable IRA transfers to qualified charities.
• Section 179 expensing.
Pick up a copy of the Feb. 10 Woodbine Twiner or click here to subscribe to our e-edition for the complete editorial story.