Payroll Library from Bloomberg Law for HR Professionals gives you reliable, up-to-date guidance and analysis in every area of payroll administration and compliance, and includes hundreds...
Jan. 4—Iowa's next legislative session may consider changes to commuter benefits that were adopted in a federal spending bill approved Dec. 18 by President Barack Obama, the state Revenue Department said Dec. 31.
Iowa conforms to the Internal Revenue Code in effect Jan. 1, 2015, which does not include changes made later in 2015, the department said.
The federal measure (Pub. L. 114-113) approved equal tax-free limits for transit passes, van-pool benefits and parking benefits, retroactive to Jan. 1, 2015, with parity permanently established. The transit and van-pool benefit had been $130 a month, but the new law allowed the benefit to be $250 a month in 2015 and $255 a month in 2016, equal to the maximum tax-free amount allowable for employer-provided parking. Retroactive parity was restored for tax year 2014 but its was not renewed and expired at the end of that year.
For tax year 2015, Iowa's tax-free transit and van pool benefit is to remain $130 for state tax purposes, and the parking benefit amount is to remain $250.
Iowa tax returns are to be filed in accordance with current state law, the revenue department said, adding that the effects of the federal spending bill “should not be included on Iowa returns at this time.”
If the Iowa legislature adopts the federal changes, online tax forms would be updated accordingly, the department said. The Iowa legislative session is to start Jan. 11.
To contact the reporter on this story: Caitlin Reilly firstname.lastname@example.org
To contact the editor responsible for this story: Michael Trimarchi email@example.com
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)