Issue review : impact of federal income tax changes on Iowa general fund revenue.

(2012) Issue review : impact of federal income tax changes on Iowa general fund revenue. Legislative Services Agency (Legislative Service Bureau)

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12-13-12 Impact of Federal Income Tax Changes on Iowa General Fund Revenue.mp3

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Abstract

Iowa law allows taxpayers to deduct federal income taxes from income prior to calculating state income tax liability. Due to the federal tax deduction, changes to federal income taxes enacted by Congress directly and automatically impact Iowa's revenue stream. While this issue is present every year, the impact on the budget process has been more pronounced over the past three years as federal tax reductions enacted during the early 2000s were set to expire, were extended, and are now set to expire again. This issue review examines federal deductability and the related issue of federal conformity.

Item Type: Audio
Keywords: income tax, deductions
Subjects: Government finance and taxes
State government
State government > State finance
ID Code: 19286
Deposited By: Timothy Skeers
Deposited On: 07 Apr 2015 23:17
Last Modified: 07 Apr 2015 23:17
URI: http://publications.iowa.gov/id/eprint/19286