Iowa Bill Would Exclude State Virus Grants From Income Tax

Iowa would exclude from income grants given by the Economic Development Authority, Iowa Finance Authority or the Department of Agriculture and Land Stewardship as a response to the novel coronavirus pandemic, under a bill introduced in the state Senate.

Senate Study Bill 1247, which the Ways and Means Committee introduced Wednesday, would exclude grants given to individuals and businesses as a response to the pandemic from income for state individual and corporate income tax purposes until Jan. 1, 2024.

If enacted, the bill would take retroactive effect for tax years ending on or after March 23, 2020.

--Editing by Vincent Sherry. 

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