This week marked the sixth week of the 2019 legislative session. The majority of the work has still been in subcommittee and committee as funnel week moves closer. March 8 is the end of funnel week and the final date for individual bills of a chamber to pass through the respective committees to maintain eligibility for floor action.

This week we had bills in subcommittee dealing with issues from mental health in school curriculum, sports wagering, religious freedom, real estate abandonment and repeal of the inheritance tax.

One of the bills that passed through the senate chamber was SF 139. SF 139 will allow schools and students extra time to plan for an additional financial literacy requirement for high school graduation. The bill will roll back the requirement from the graduating class of 2020 to the class of 2023.

Easing the tax burden on Iowans

Easing the tax burden on Iowans has been a priority for Senate Republicans since the first day we took the majority. This week, we continued to build on our accomplishments by passing legislation to expand Section 179 expensing to S-corps, C-corps and financial institutions for tax-year 2018.

It was imperative to get this legislation passed as soon as possible to assist tax filers who seek a tax advantage of Section 179 expensing. Under Section 179 of the Internal Revenue Code, taxpayers can deduct the cost of qualifying property used in a trade or business in the year the property was placed in service, rather than deducting the cost over multiple years using depreciation.

Passing Senate File 220 this week for 2018 maintains the consistency between types of business structures as we have always maintained relating to Section 179.

This is one of several bills the legislature will evaluate during the session to address taxes in our state. A competitive tax climate in Iowa fosters a strong business climate in our great state, which is a commitment Senate Republicans will continue to pursue.

Signed into law

On Tuesday Governor Reynolds signed into law the two education bills the senate passed last week. After their timely passage in both the house and senate, schools can now start planning their budgets for the next school year. I’m proud of the nearly $90 million allocated to schools and the money going toward addressing the inequities in transportation and per pupil costs for rural schools.

This week included more floor debate and we are sure to see an increase in the bills on our desk as the deadline to get bills out of committee quickly approaches.