Tax News

CCH (cch.taxgroup.com) reports:

  Iowa Gov. Chet Culver announced that he has ordered a review of each of Iowa's 30 tax credit programs. To complete the review, the governor has asked the directors of six state agencies that oversee tax credit programs to submit a review of their respective tax credit programs. Specifically, the governor has asked for submissions to include the following information: (1) a general description of the purpose of the tax credit; (2) minimum, maximum, and average value of tax credits issued; (3) contingency liability for each tax credit; (4) the number of tax credits issued each year; (5) the number of individuals and/or businesses served by the tax credit; (6) whether the tax credit is transferable and, if so, how many times; (7) whether the tax credit is refundable; (8) processes for oversight and regulation of the tax credit; (9) the return on investment for the tax credit; (10) data on the fiscal impact of the tax credit for the past ten years, if available; and (11) a description of what information is currently made available to the public for the tax credit(s) administered by each agency.

  The governor also has asked that the directors serve on a review panel and submit a report to the governor addressing oversight, accountability, transparency, public reporting, and cost-benefit of the programs, and which programs should be continued, curtailed, and/or eliminated. Iowa Department of Management (IDOM) Director Dick Oshlo has been named to chair the panel. The review will be due to IDOM at the close of business on December 4, 2009. The panel will hold two public meetings to discuss the review in Des Moines and Cedar Rapids the week of December 7, 2009. Dates and locations of the public meetings are yet to be determined.

  The text of the press release is available at
http://www.governor.iowa.gov/index.php/press_releases/single/194/.

Release , Iowa Governor's Office, November 19, 2009