From Association of Business and Industry www.iowaabi.org
Friday is July 1 – the beginning of the state’s fiscal year and also the date when many laws passed during the 2016 legislative session will take effect. Most notably, Iowa manufacturers can now take advantage of a sales and use tax exemption for supplies consumed during the manufacturing process. HF 2433 passed in March and included language to clarify the law related to Iowa’s sales tax exemptions for manufacturers. ABI put together a frequently asked questions document about the legislation you can access here. The Iowa Department of Revenue has also put together helpful information, which is available here.