BW INSIGHTS

Iowa Livestock Capital Gain Deduction for 2023

By Maggie Simonson Schild & Christopher L. Nuss | 06.18.2024
On May 15, 2024, Governor Reynolds signed into law House File 2649 that provides an Iowa individual income tax deduction for capital gains incurred on the sale of certain livestock. The Iowa livestock capital gain deduction is available retroactively for tax years beginning on or after January 1, 2023. To claim the livestock capital gain... Read More

Tax Relief Due to Recent Severe Weather in Iowa

By Maggie Simonson Schild & Christopher L. Nuss | 06.18.2024
Severe weather has been active across the state of Iowa, affecting individuals and businesses. Governor Reynolds and the Internal Revenue Service have implemented various forms of tax relief for those most affected by severe weather. Iowa Penalty Relief On May 21, 2024, Governor Reynolds issued a Proclamation of Disaster Emergency for the... Read More

Final DOL Fiduciary Rule

By Caleb J. Brus & Cynthia Boyle Lande | 04.26.2024
On April 23, 2024, the Department of Labor (“DOL”) released its new fiduciary investment advice rule titled the “Retirement Security Rule” (the “Fiduciary Rule”). The Final Rule is scheduled to take effect September 22, 2024. The changes to exemptions PTE 2020-02 and PTE 84-24 will have an additional one-year transition period where exemptive... Read More

Government Relations Legislative Update - Week Fourteen

By Matthew H. McKinney & Julie A. Smith | 04.15.2024
On Thursday, the first appropriations bill of the year passed one chamber. Kind of like seeing a robin in winter…you know that sine die (spring) is getting closer. This week also saw a lot of action in subcommittees and Appropriations Committees. Although the Senate and House have agreed within their Chambers on targeted amounts for the various... Read More

Government Relations Legislative Update - Week Thirteen

By Matthew H. McKinney & Julie A. Smith | 04.08.2024
The Senate was busy this week confirming Governor’s Appointees. Confirmations require a two-thirds vote of all Senators. This means that 34 of the 50 must vote to confirm. With 34 Republicans in the Chamber, confirmations were less contentious than they have been in the past. Senators vote to confirm either En Bloc or on an Individual basis. Some... Read More

Government Relations Legislative Update - Week Twelve

By Matthew H. McKinney & Julie A. Smith | 04.01.2024
State Budget. The final stages of the 2024 session took a big step forward on Thursday when House and Senate Leaders released budget targets. The Senate’s target is to limit expenditures to $8.872 billion for Fiscal Year 2025, the House has a higher budget number at $8.955 billion, and the Governor’s budget is at $8.919 billion. The next three... Read More

Government Relations Legislative Update - Week Eleven

By Matthew H. McKinney & Julie A. Smith | 03.25.2024
Week #11 ended with movement on one of the main issues of session, the Area Education Agencies (AEA) bill. One of the major priorities of the Governor, the AEA bill in different forms has passed the Senate once and now the House twice. On Monday, the Senate amended HF 2612, and sent it back to the House with a strike-after amendment. On Thursday,... Read More

Government Relations Legislative Update - Week 10

By Matthew H. McKinney & Julie A. Smith | 03.19.2024
The past week was the second funnel week. Thursday was the last day of action at the Statehouse. The Senate did not debate and instead focused on Committee work. The House debated Monday through Wednesday. On Thursday, the House placed 31 bills on the Unfinished Business Calendar which means they will continue to be eligible for further... Read More

March 15, 2024 REC Summary

By Matthew H. McKinney & Julie A. Smith | 03.18.2024
The Revenue Estimating Conference (“REC”) met Friday (3.15.24) as part of their standard schedule of meetings to estimate future state revenues. REC members Kraig Paulsen and Jennifer Acton welcomed Jeff Plagge to the panel as the new public representative. A summary of the information discussed during the meeting is below, along with the linked... Read More

Government Relations Legislative Update - Week 9

By Matthew H. McKinney & Julie A. Smith | 03.11.2024
Capitol Update The second funnel deadline is next Friday. We expect to see mostly Committee work next week as bills that have not made it through the Committee in the other Chamber will be considered dead for the session, with exceptions. Even though a bill itself may be considered dead, ideas are not dead and can come back in the form of... Read More

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