by CBI Lobbyist Jeff Boeyink - Partner, LS2 Group Overview / Major Events Today marks the arrival of the first big legislative benchmark with the first legislative funnel. Policy bills that have failed to be approved in their committee of origin by the close of business today are technically dead for the year. As action in some committees could extend later into this evening, a full run down of what made the cut and what failed will be included in next week’s update. The next funnel is exactly four weeks from today (and that requires passage on the floor in one Chamber and committee approval in the other Chamber for continued eligibility). Governor Reynolds unveils significant Tax Reform proposal Governor Kim Reynolds started the much anticipated tax reform discussion in Iowa with the introduction of her plan to reduce and reform Iowa’s personal income tax system. Tax reform has taken on a new sense of urgency in Iowa due to a quirk in Iowa law called “federal deductibility”. Iowa is one of only a few states that allow Iowans to fully deduct the federal income taxes they pay on their Iowa returns. While this keeps Iowa’s tax rates artificially high, it also means that when the federal government CUTS taxes (as they did, significantly, late last year) it results in state tax INCREASE (as you have a much smaller federal deduction and that means your taxable income in Iowa is higher and subject to state tax). |
by Dave Caris, CEO - Community Bankers of Iowa Tax reform legislation has not yet been introduced in the Iowa Legislature, but the Governor, the House and the Senate are all expected to release their versions of tax reform legislation in the next several weeks. Tax or Ways and Means Committee bills are not subject to the funnel deadlines of the Legislature, so comprehensive tax reform, including the issue of credit union taxation, will be a live issue until the end of the Legislative Session in April. Prior to the introduction of legislation and the resulting debate, the Credit unions have launched a massive media and grassroots campaign in an effort to maintain their "FREE RIDE."
It's important that bankers speak out to policy makers on this critical issue to counter the onslaught of contacts from credit unions. The Iowa Bankers Association has developed an excellent and quick method of finding and emailing your State Legislator to speak out on this issue. Just click here. The IBA and CBI are united on this major issue. We urge you to email your State Senator and Representative and, in your own words, tell them it's time to end the free ride. The following are a few key points you may want to consider:
by Dave Caris, CEO - Community Bankers of Iowa Iowa's credit unions have launched a massive media and grassroots campaign before even seeing legislation to finally require them to pay their fair share of taxes. When you are talking to your employees, friends, neighbors and policy makers about this issue, keep the following key points in mind:
CBI held it's first-ever Legislative Reception at the Iowa Taproom in downtown Des Moines on Wednesday. The reception brought together over 50 Iowa community bankers with over 30 Senators and Congresspeople in Iowa's General Assembly. Among those legislators attending were Speaker of the House Linda Upmeyer, Senate Majority Leader Bill Dix, Senators Michael Breitbach, Randy Feenstra, Tim Kraayenbrink, Tom Shipley, Jack Whitver, Brad Zaun, Charles Schneider, Craig Johnson, Dan Zumbach, Dennis Guth, and Bill Dotzler. Also in attendance were Representatives Brian Best, Chris Hall, Dave Maxwell, David Kerr, Gary Carlson, Jerry Kearns, John Landon, Louie Zumbach, Mike Sexton and Walt Rogers, as well as State Auditor Mary Mosiman. Thank you to the following CBI Endorsed, Associate and Affiliate Members for sponsoring the event: SHAZAM, ICBA Securities/Vining Sparks, United Bankers' Bank, Midwest Independent Bank and Bankers' Bank.
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