Bill > HF976

This bill proposes comprehensive changes to various tax-related regulations in Iowa, spanning multiple divisions that affect tax administration, reporting, and exemptions. Here's a summary of key provisions: The bill modifies tax disclosure rules for the Department of Revenue, allowing more flexibility in sharing information with law enforcement under specific circumstances. It changes reporting requirements for pass-through entities and updates tax provisions related to farm tenancy income. The bill introduces new regulations for sales tax exemptions, particularly for web search portal and data center businesses, limiting the duration of tax exemptions based on location and investment. For motor fuel taxes, the bill adjusts excise tax calculations for ethanol and biodiesel blended fuels and introduces new reporting requirements. The legislation also makes significant changes to inheritance tax treatment, effectively phasing out certain inheritance tax provisions for deaths occurring on or after January 1, 2025. Additionally, the bill modifies estimated tax thresholds, introduces new rules for lump sum retirement distributions, and creates provisions for transferring certain sales tax revenues to an energy infrastructure revolving loan fund. The changes are implemented across multiple effective dates, with some provisions taking effect immediately and others becoming applicable in 2025 or 2026.

Budget and Finance

Ways and Means (H)

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF976