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Explaining Siouxland’s new 2024 tax-related laws

SIOUX CITY, Iowa (KCAU) – 2024 is a fresh start, but it’s also a fresh start for several laws in the tri-state area. Here’s how your state taxes will look in 2024: 

Iowans have several tax changes to be aware of, many of which already went into effect.

The Department of Revenue Omnibus re-worded tax law to better align with recently revised federal forms. This includes how married Iowans file — the option to file as “married filing separately, but on the same form” will no longer exist. Iowans will now be required to file the same on Iowa tax forms the same as they do for federal forms. 

In addition, Iowa’s first-time home buyer savings accounts and education savings accounts have the same due dates as the due date for tax returns, including extensions. 

A big tax cut for South Dakota business owners went into effect Jan. 1.

A bill that was passed last session will cut unemployment insurance contributions for employers by 0.5%. This will create an $18 million tax cut for South Dakota businesses. 

Governor Noem signed the bill, saying that South Dakota’s unemployment reserves were strong.

“It’s based on a fund that we used called the ACHM fund,” Noem said. “Typically, a rating of one would allow us to have enough unemployment funds in here to get through a full year. This bill would say that rate scheduled when we have a fund rate of 1.5 that then we can do a reeducation such as this.” 

South Dakota had the third lowest unemployment rates in 2023 with 2% unemployed. Last June, South Dakota broke the national record for lowest unemployment rate with 1.8%.

For the Nebraskans, a new law went into effect this New Year’s Day allowing dollar-for-dollar tax credits to those that make donations to scholarship funds intended to help students attend private schools. 

Known as the Opportunity Scholarships Act, the bill will allow roughly 5,000 Nebraska children to enroll in private schools rather than public schools. Eligibility for scholarships is based on federal poverty levels.

$25 million dollars will be available for tax credits in 2024 and the following two years. Businesses and individuals cannot claim more than $100,000 in annual tax credits.

Most Nebraska taxpayers were against the bill, believing that it would drain funding for public schools. 

“64% of the people that were surveyed do not support this,” said Nebraska State Education Association President Jenni Benson. “And we believe that our taxpayers will speak in a ballot referendum to repeal it.” 

“This is not an anti-public-school bill,” said Nebraska state senator Justin Wayne. “This is a pro-parent bill. This is a bill that gives parents an option that helps them give their kid a passport.” 

Iowa lawmakers return to session Jan. 8, while the South Dakota Legislature returns Jan. 9. The Nebraska session returns on Jan. 3.  

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