Governor Kim Reynolds is proposing a way to trigger corporate income tax cuts. The governor did not mention cutting taxes for corporations during her Condition of the State address earlier this week, but her plan is included in a budget report submitted to lawmakers. If Iowa corporations pay more … [Read more...]
Reynolds says deductions, credits remain in her 4% ‘flat tax’ plan
Governor Kim Reynolds says her 4% flat tax plan would make Iowa's income tax system simpler and might one day lead the way to zero -- no state income tax. "I think we're working our way there," Reynolds said this afternoon during an interview with Radio Iowa. "...Every year, we'll take a look at … [Read more...]
Reynolds proposes 4% flat tax on income, end to taxes on retirement income
Governor Kim Reynolds is proposing an end to state income taxes on pensions and retirement accounts and lowering the state income tax to a single rate of just 4% within four years. "Flat and fair," Reynolds said, to cheers, as she described her tax plan during the annual "Condition of the State" … [Read more...]
Governor to detail ‘bold, yet practical’ tax cutting plan
Governor Kim Reynolds will deliver the annual "Condition of the State" address tonight and she's promised to reveal details of what she has described as a "bold, yet practical" plan to cut income taxes. "Iowa is moving in the right direction and I'm -- and we're -- determined to build on the … [Read more...]
Leaders highlight 2022 legislative session goals in opening day speeches
GOP leaders in the Iowa legislature are promising tax cuts, welfare reform and new state support for parents who enroll their kids in private schools. Democrats say their focus is on addressing Iowa's workforce shortage. Senate Republican Leader of Ankeny Jack Whitver said "major, permanent" … [Read more...]
10.2% jump in Iowa sales tax revenue in last half of 2021
Consumer spending in Iowa is driving state sales tax revenue higher. Over the past six months, there's been a more than 10% increase in sales tax payments to the state. The latest report of overall tax collections shows net state revenue grew 9.1% last month compared to December of 2020. "In … [Read more...]
GOP lawmakers resolve to cut Iowa income taxes in ’22
The 2022 Iowa legislative session starts next Monday and Governor Kim Reynolds and her fellow Republicans in the House and Senate are putting tax cuts the top of their agenda. "We're shooting to make another big reduction in the taxes that Iowans pay," Senate Majority Leader Jack Whitver, a … [Read more...]
Cutting property taxes? It’s complicated, legislators say
The Republican who's leading development of a tax reduction plan in the Iowa Senate says the focus is on cutting income taxes. Senator Dan Dawson of Council Bluffs says reducing property taxes is more complicated. "I think anything on property taxes, it's going to be a multi-year effort," says … [Read more...]
House Democrats to offer tax cutting plan of their own
The top Democrat in the Iowa House says it would be an extreme step to eliminate the state income tax -- a move Governor Kim Reynolds and other Republican legislators have said is their long term goal. House Democratic Leader Jennifer Konfrst of Windsor Heights said she and her Democratic colleagues … [Read more...]
Speaker says House GOP goal on tax cuts is ‘as quickly as possible’
House Speaker Pat Grassley says with a billion dollars sitting in the state's Taxpayer Relief Fund, cutting personal income taxes "as quickly as possible" is the goal for House Republicans. "We want to get that back in the economy," Grassley said during a Radio Iowa interview late this … [Read more...]