EIF-A_Lasting Contributions

By KRISTINE A. TIDGREN
Staff Attorney
Center for Agricultural Law & Taxation
Iowa State University
EASTERN IOWA FARMER
In early 2022, the Iowa Legislature
passed HF 2317, which reduced individual
and corporate income tax rates, provided
exemptions for most forms of retirement
income – including retired farmer rental
income – and scaled back the Iowa capital gain
deduction.
Iowa institutes
new tax laws for
retired farmers
Most changes went into effect during the 2023
tax year. Last fall, the Iowa Department of Revenue
(IDOR) finalized deduction rules for retired
farmer rental income and Iowa capital gain.
Because they may need to make elections to
take advantage of these new provisions, retired
farmers and others must understand these rules
when filing 2023 returns. This column gives
an overview of some key changes. A more
detailed document with additional information
is at calt.iastate.edu/blogpost/understanding-iowas-new-tax-rules-retired-farmers.
About CALT:
n The Center for
Agricultural Law and
Taxation (CALT) at
Iowa State University
was created in 2006. It
provides timely, critically
objective information to
producers, professionals
and agribusinesses
concerning the application
of important developments
in agricultural law and
taxation (federal and state
legal opinions of relevance,
as well as critical legislative
developments) and
is a primary source of
professional educational
training in agricultural law
and taxation.
Contact CALT:
Iowa State University
2321 N. Loop,
Suite 200
Ames, IA 50010
Phone:
(515) 294-5217
Fax: (515) 294-0700
www.calt.iastate.edu
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