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Helping Working Families & Small Business

The Iowa House approved a bill to help small businesses and create new opportunities for working families.|The Iowa House approved a bill to help small businesses and create new opportunities for working families.

The bill, Senate File 209, encourages small businesses to invest and expand their businesses by allowing them to deduct the entire cost of autos, mEachinery, and other big ticket items from their taxes immediately instead of depreciating over time. By updating Iowa’s income tax laws with the Federal Internal Revenue Code, it will cost the state $102 million in fiscal year 2011 and $179 million in fiscal year 2012.

Another provision in the bill that originated in the Senate would provide tax relief for 240,000 hard working families who are working at least one job, and in many cases two or more jobs, by increasing the Earned Income Tax Credit. It would put more money in the pockets of families earning less than $45,000 per year.

However, the tax relief for working families was removed from the Senate bill on a party line vote. The bill now returns to the Senate.|

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