GOP-led Iowa Senate panel OKs bill offering $1B tax cut

A Republican-led state Senate panel has given preliminary approval to a bill that would make sweeping changes to Iowa's tax system.

Posted: Feb 22, 2018 10:36 AM

DES MOINES, Iowa (AP) — A Republican-led state Senate panel has given preliminary approval to a bill that would make sweeping changes to Iowa's tax system.

Republicans in a five-member Senate subcommittee agreed Thursday morning to sign off on the legislation, which GOP lawmakers say would cut more than $1 billion annually in taxes. A tax writing committee is expected to approve the bill in the afternoon, a little over 24 hours after it was first made public.

A key Senate Republican says the bill could have a full vote in the chamber next week.

The legislation would reduce corporate and individual income taxes and phase out some tax credits. There are multiple other provisions in the roughly 130-page bill.

GOP Gov. Kim Reynolds has introduced her own tax plan that she says would cut $1.7 billion in taxes over several years. Her plan doesn't cut corporate tax rates.

Article Comments

Mason City
Overcast
27° wxIcon
Hi: 31° Lo: 19°
Feels Like: 17°
Albert Lea
Overcast
27° wxIcon
Hi: 31° Lo: 19°
Feels Like: 19°
Austin
Overcast
30° wxIcon
Hi: 34° Lo: 21°
Feels Like: 23°
Charles City
Overcast
27° wxIcon
Hi: 33° Lo: 19°
Feels Like: 17°
Rochester
Overcast
28° wxIcon
Hi: 31° Lo: 19°
Feels Like: 17°
Quieter weekend
KIMT Radar
KIMT Eye in the sky

Community Events