Capitol update

A bipartisan initiative passed the Legislature on March 15, providing a tax cut to thousands of Iowans.
House File 2433, which aligns Iowa’s tax code with many federal tax changes for 2015, includes these highlights:
• Farmers and small business owners - Section 179 expensing allows them to take a larger deduction for equipment purchased in 2015 as an investment in their operations.
• Teachers – Those who purchase supplies for their classrooms with their own money can deduct up to $250 from their income for these expenses.
• College students or their families – Those who itemize their income taxes may deduct more education expenses.
The effort to bring Iowa’s tax laws into alignment with federal tax changes was delayed by the U.S. Congress. It then became the subject of bipartisan negotiations at the Iowa Statehouse. Taxpayers with questions should contact the Iowa Department of Revenue at 800-367-3388 or https://tax.iowa.gov/contact-us.
The legislation also provides a sales tax exemption for supplies and replacement parts used in manufacturing, research and development, data processing and recycling. These “consumables” include drill bits, punches, saw blades, lubricants, sanding belts, air filters and more. Computers, machinery and equipment used by manufacturers and those engaged in processing are already exempt from sales tax.
HF 2433 is a fiscally responsible agreement in our efforts to find common ground. It will be on Governor Branstad’s desk for him to sign next week.
I now look forward to working out the rest of the state budget in a way that supports, expands and strengthens Iowa’s middle class.
UPCOMING PUBLIC FORUMS
Riceville Legislative Listening Post: March 19, 2016 @ 9:30 am at Riceville Public Library, 307 Woodland Ave, Riceville; Cresco Listening Post: March 19, 2016 @ 11:00 am at Cresco Public Library, 320 N Elm St, Cresco; and, Chickasaw County Legislative Forum: April 2, 2016 @ 9:00 am at Chickasaw County Farm Bureau, 506 W Milwaukee St, New Hampton.  
Additional information
This is a legislative update from Senator Mary Jo Wilhelm, representing Howard, Chickasaw, Mitchell, Floyd, Worth and portions of Cerro Gordo and Winneshiek counties. For newsletters, photos and further information, go to www.senate.iowa.gov/senator/wilhelm.
To contact Senator Wilhelm during the week, call the Senate Switchboard at 515-281-3371. Otherwise she can be reached at home at 563-547-4156. E-mail her at mary.jo.wilhelm@legis.iowa.gov.
Senator Wilhelm is an assistant majority leader, chair of the Agriculture & Natural Resources Budget and vice-chair of the Local Government Committee. She also serves on the Appropriations, Economic Growth, Education and Human Resources committees.

Lake Mills Graphic

204 N. Mill Street
Lake Mills, IA 50450

Office Number: (641) 592-4222
Fax Number: (641) 592-6397

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