Community Bankers of Iowa CEO Dave Caris was interviewed by local ABC affiliate WOI-TV Channel 5 regarding Iowa community banks' stance on a tax reform bill introduced by Iowa Senate Republicans. Click here to view video.
SF 2383, a reform package containing language providing tax equity between banks and credit unions, passed the Iowa Senate on a party-line vote of 29-21 and now heads to the House. The legislation proposes to redefine "financial institutions" in Iowa, extends the existing franchise tax to credit unions and adjusts the tax rate based on net income. Banks and credit unions would pay a 2% franchise tax on net incomes below $7.5 million, and a 4% rate on net incomes over $7.5 million.
The IBA and CBI are united on this major issue. We urge you to email your State Senator and Representative and tell them it's time to end the free ride. Click here for a list of key points you may want to consider.