Iowa SSB1156 modifies personal income, property, sales and use, motor fuel, and inheritance taxes, and changes tax expenditure reviews.

Iowa SSB1156 modifies tax provisions related to personal income, property, sales and use, motor fuel, and inheritance taxes. It changes the estimated tax threshold for taxpayers to $1,000 or more, up from $200 or more. The bill also modifies sales tax rules for building materials and equipment, and exempts certain lump sum distributions from retirement accounts from state taxation. Additionally, it updates inheritance tax provisions and removes certain tax expenditures from review. The bill includes effective dates and retroactive applicability provisions for various tax changes.

Iowa SSB1156 modifies personal income, property, sales and use, motor fuel, and inheritance taxes, and changes tax expenditure reviews.

Iowa SSB1156 modifies tax provisions related to personal income, property, sales and use, motor fuel, and inheritance taxes. It changes the estimated tax threshold for taxpayers to $1,000 or more, up from $200 or more. The bill also modifies sales tax rules for building materials and equipment, and exempts certain lump sum distributions from retirement accounts from state taxation. Additionally, it updates inheritance tax provisions and removes certain tax expenditures from review. The bill includes effective dates and retroactive applicability provisions for various tax changes.