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Iowa DOR Asks for Requests for Guidance on New Pass-Through Entity Tax Election by June 7
Request for Tax Guidance – House File 352, Iowa Dept. of Rev. (5/22/23). Referencing recently enacted legislation that permits some pass-through entities to make an annual election to pay an entity level state tax for taxable years beginning on or after January 1, 2022 [see H.F. 352, signed by gov. 5/11/23, and recently issued Multistate Tax Alert for more details on this new law], the Iowa Department of Revenue (Department) announced that it is “in the process of reviewing this legislation and will release guidance soon.” To this end, the Department is asking for questions or comments about the new tax by June 7, 2023 “to be sure future guidance is as useful as possible.” Interested taxpayers or practitioners are strongly encouraged to submit any questions or comments using the “Request for Tax Guidance” webform on the Department’s website. According to the Department, “every response will be reviewed and considered by the Department in preparing guidance, even if it does not result in a direct response.” Please contact us with any questions.
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