Journal Express, Knoxville, IA

Politics

February 1, 2013

Taxes, Medicaid and Heart Health

Des Moines —  

January has historically been a stressful month in my household, as my wife battles the many forms it takes for us to comply with the tax code.  I’ve heard many “early birds” express disdain about the inability to finish their taxes, since the tax law is still being decided upon by the Legislature.  Many Iowans and tax preparers would like to see Iowa couple with the federal changes quickly, so tax preparation can get underway.  To that end, House Study Bill 38 passed out of subcommittee last week, and was moved out of the Ways and Means Committee in bipartisan fashion on January 28, with a vote of 24-0.   Some of the significant federal tax legislation enacted that affect the 2012 and 2013 tax year include the following:

 

·        Deduction for up to $250 for out-of-pocket expenses for teachers.

 

·        Tuition and fees deduction for higher education expenses.

 

·        Election to deduct state sales/use tax in lieu of state income tax as an itemized deduction.

 

·        Deduction for mortgage insurance premiums as deductible qualified residence interest.

 

·        Nontaxable IRA transfers to eligible charities.

 

·        Small businesses can now expense (instead of depreciate) the first $500,000 of equipment cost. 

 
 

Some of the provisions that affect 2013 and subsequent tax years include the following:

 

·        Provides for 50% bonus (accelerated) depreciation for assets acquired in 2013 only. 

 

·        Places a limitation on itemized deduction for high income taxpayers. 

 

·        Permanently extends the amounts ($3,000 for one child, $6,000 for two or more children) for the child and dependent care credit.

 

·        Extends higher income thresholds and higher credits with families with three or more children for the earned income tax credit for five more years through 2017. 

 
 
 

This bill will now move to the House floor for consideration. As you visit with tax preparers, you can tell them the House is moving quickly to provide certainty for taxpayers wanting to file their taxes.

Text Only
Politics
  • Tom Hoefling.jpg Hoefling's gubernatorial campaign focused on grassroots

    Longtime political activist Tom Hoefling of Lohrville is hopeful that his grassroots campaign, nurtured with the conservatism of Iowans, will gow into a term as Iowa's next governor. 

    April 11, 2014 1 Photo

  • Van Wyk.jpg Van Wyk's Jasper County voter registration canceled

    Following a hearing Thursday afternoon, Jasper County Auditor Dennis Parrott has canceled the voter registration of former Republican House District 28 Candidate Jon Michael Van Wyk. 

    April 11, 2014 1 Photo

  • Sinclair and Heartsill.jpg Legislators report to Knoxville

    The final Legislative Coffee of 2014 was held Friday afternoon in Knoxville, with Rep. Greg Heartsill and Sen. Amy Sinclair in attendance. 

    April 7, 2014 1 Photo

  • Heartsill mug Heartsill reports on oversight hearings

    Rep. Greg Heartsill, a member of the House Government Oversight Committee, has been hearing testimony from Mike Carroll of the Iowa Department of Administrative Services and former State employees who received confidential settlements. 

    April 4, 2014 1 Photo

  • Megan Suhr.jpg MC Democrats to hold Education Forum

    The Marion County Democrats will hold its latest educational forum on Wednesday, April 9, with a focus on educational issues. 

    April 1, 2014 1 Photo

  • Grassley and Pella folks.jpg Pella representatives meet with Grassley

    Representatives from the Pella area are on their annual trek to Washington, D.C., this week. Sen. Chuck Grassley recently shared what they discussed with him. 

    March 24, 2014 1 Photo

  • raceway concept drawing.jpg Raceway Rebate passes subcommittee

    The proposed $2 million sales tax rebate for Knoxville Raceway (HSB 678) has just been approved by a House Ways and Means Subcommittee.

    March 24, 2014 1 Photo

  • raceway concept drawing.jpg House Subcommittee Hearing on Raceway Monday

    A House Ways and Means subcommittee will hold a hearing regarding a proposed sales tax rebate, worth up to $2 million, for the Knoxville Raceway on Monday, March 24. 

    March 21, 2014 1 Photo

  • courthouse.jpg Incumbents for Marion County offices file paperwork

    By the end of the day Friday, the incumbents for the four Marion County elected offices up in November will have filed their paperwork to seek reelection. 

    March 21, 2014 1 Photo

  • Loebsack and seniors.jpg Loebsack visits Knoxville Senior Center

    Rep. Dave Loebsack addressed Medicare, the Older Americans Act and other issues over lunch Thursday at the Knoxville Senior Center. 

    March 20, 2014 1 Photo

Features
AP Video
Boston Marks the 1st Anniversary of Bombing NYPD Ends Muslim Surveillance Program 8-year-old Boy Gets His Wish: Fly Like Iron Man Sex Offenders Arrested in Slayings of CA Women New York Police End Muslim Surveillance Program Raw: Kan. Shooting Suspect Faces Judge Tributes Mark Boston Bombing Anniversary US Supports Ukraine's Efforts to Calm Tensions T. Rex Gets New Home at Smithsonian Suspect in Kansas Shootings Faces Murder Charges Raw: Storm Topples RVs Near Miss. Gulf Coast NASA Showcases Lunar Eclipse The Boston Marathon Bombing: One Year Later Michael Phelps Set to Come Out of Retirement First Women Move to Army Platoon Artillery Jobs Sex Offenders Charged in Serial Killings Police: Woman Stored Dead Babies in Garage Hate Seen As Motive in Kansas Shooting Journalists Awarded Pulitzer for Snowden Reports OC Serial Murder Suspects May Have More Victims
Facebook
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Poll

Which service of the Knoxville Chamber of Commerce do you believe is most beneficial for its membership?

Events
Legislative lobbying
Promotional material publication
Educational programs for the community
Other
     View Results