Tax cut of 74-million passes house

A nearly 74-million dollar plan to cut Iowans’ income taxes has cleared theIowa House. It cuts pension taxes by eight-and-a-half million — andincreases the personal and dependent credits on your income taxes. Representative Gary Blodgett, a republican from Clear Lake, calls that”family-friendly.”Representative Don Shoultz, a democrat from Waterloo, argued for propertytax cuts rather than income tax reduction.House Democrat Leader Dave Schrader argued for property tax relief.House Republican Leader Brent Siegrist said the state has nearly a billiondollars in reserve and it’s time to cut both property and income taxes.The bill to forward 74-million dollars in income tax cuts to Iowans clearedthe House on a 60 to 36 vote.