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
Clear
75° wxIcon
Hi: 77° Lo: 53°
Feels Like: 75°
Albert Lea
Clear
72° wxIcon
Hi: 72° Lo: 52°
Feels Like: 72°
Austin
Scattered Clouds
75° wxIcon
Hi: 75° Lo: 55°
Feels Like: 75°
Charles City
Clear
73° wxIcon
Hi: 74° Lo: 55°
Feels Like: 73°
Rochester
Clear
72° wxIcon
Hi: 73° Lo: 52°
Feels Like: 72°
Tracking cooler temps and plenty of sun to finish the work week
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Trout Project

Image

Mayo Clinic Cultural Fest

Image

Back To School Driving Safety

Image

Sara's Daybreak Forecast - Thursday

StormTeam 3: Long-range forecast - cooler days to end August

Image

CTK: Triton Cobras

Image

CTK: Byron Bears

Image

CTK: Kasson-Mantorville

Image

Mac Horvath transfers to IMG

Image

Salary debate

Community Events