Federal & State Updates –
Impact on cities, counties & your taxes
Wednesday, May 12, at 4:30 PM
Things have been churning at the US Treasury and in Iowa’s legislature. Here is an update on the most recent developments, their possible impact on the operations and funding of Central Iowa cities and counties, and your taxes.
Iowa Legislature: The 2021 session of the Iowa legislature is now in its second week of “overtime” as the Governor, House and Senate have not come to an agreement on a major tax reduction package. Details provided in the MAC update below
US Department of the Treasury: On May 10 the Treasury released 134 page of guidance regarding the $350 billion for state, local, territorial, and Tribal governments to respond to the COVID-19 emergency and bring back jobs.
- Update of deliberations in the Iowa Legislature.
- Update on US Treasury rules implementing the American Rescue Plan Act
- Impact on operations and funding of Central Iowa cities and counties.
- How and when property taxes may be affected.
- Too early to tell, the guidance is too fresh
- Alan Kemp, Executive Director, Iowa League of Municipalities
- Tom Cope, Cope Murphy + C0., LLP & Johnston City Council
US Treasury issued guidance