Iowa lawmakers could wrap up session this week
Iowa lawmakers could wrap up the 2021 Legislative Session this week.
House Ag Committee chair Ross Paustian, a Republican from Scott County, tells Brownfield legislators have met several times since the scheduled completion date of April 30th and will try to finish their work by Wednesday.
“We passed a couple budget bills yesterday and we’re going to do some more today. The other big policy piece that’s out there is the tax reform, which has a lot of pieces important to agriculture.”
One piece is the elimination of the inheritance tax, which he says could give some farmers relief from potential changes to the estate tax at the federal level.
“We were hopeful a few years ago that maybe the death tax, if you want to call it that, was going to be eliminated at the federal level. Well, I don’t think that’s going to happen now. So maybe Iowa can help farmers a little bit by eliminating the inheritance tax.”
Although, Paustian points out millennial descendants don’t have to pay that. But he says there are people who don’t have children that would like to pass their farm onto a nephew, niece, or someone else who would be negatively impacted by the inheritance tax.