Bill > SF428

This bill updates the Code references to the Internal Revenue Code by changing the applicable date from January 1, 2015 to January 1, 2017. It also decouples Iowa from certain federal bonus depreciation provisions, meaning that additional first-year depreciation allowances authorized under the federal Internal Revenue Code will not apply for state tax purposes. The bill includes effective date and retroactive applicability provisions, with both divisions of the bill taking effect upon enactment and applying retroactively to January 1, 2016.