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Spurring community and economic growth

By State Senator Steve Sodders

March 21, 2016
D-State Center , Toledo Chronicle, Tama News-Herald

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.

Article Photos

By State Senator Steve Sodders
D-State Center

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.

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.

"The fact that every Democratic and Republican Senator voted for House File 2433 is a very good sign," said Sodders. "I believe it will be quickly signed by Governor Branstad."



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