SF551 — A bill for an act relating to decoupling federal additional first-year depreciation for Iowa tax purposes, and including effective date and retroactive applicability provisions.

SF551 — A bill for an act relating to decoupling federal additional first-year depreciation for Iowa tax purposes, and including effective date and retroactive applicability provisions. · Informed CitizenryThis act amends Iowa Code sections 422.7 and 422.35 to allow a taxpayer who owns qualified property placed in service after December 31, 2022, to elect to subtract the additional first-year depreci…Open in Informed Citizenry