SEVERE WX : Wind Chill Advisory View Alerts
CLOSINGS: View Closings

Iowa Senate GOP proposed over $1 billion in tax cuts

Bill would also phase out some tax credits.

Posted: Feb 21, 2018 8:39 PM

DES MOINES, Iowa (AP) - Iowa Senate Republicans have released a plan they say would cut more than $1 billion annually in taxes, though it's unclear how much support the measure has from other members of the party.

The proposal, released Wednesday in a bill, would cut Iowa's corporate tax rates, including reducing the top rate from 12 percent to 7 percent. Individual tax rates would also be cut, including reducing the top rate from 8.98 percent to 6.3 percent. The measure phases out some tax credits that have gradually increased in recent years.

A Senate subcommittee will discuss the bill Thursday. The measure faces several legislative votes.

GOP Gov. Kim Reynolds released a tax plan recently that would cut individual taxes but doesn't address corporate taxes or tax credits, in part because of revenue shortfalls. House Republicans have indicated they support at least some portions of Reynolds' proposal.

Article Comments

Mason City
Overcast
wxIcon
Hi: 9° Lo: -4°
Feels Like: -13°
Albert Lea
Overcast
wxIcon
Hi: 8° Lo: -3°
Feels Like: 1°
Austin
Overcast
wxIcon
Hi: 12° Lo: 0°
Feels Like: -6°
Charles City
Overcast
wxIcon
Hi: 11° Lo: -4°
Feels Like: -11°
Rochester
Overcast
wxIcon
Hi: 14° Lo: -1°
Feels Like: -10°
Cold air in place for the next few days
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Sean Weather 1/19

Image

Mass Youth of Rochester host 'Unmosqued' film to prompt change

Image

The Rochester Raiders prove it's more than just a sport

Image

Riding for a Reason

Image

Counties pull plows off roads

Image

Sean Weather 1/18 2

Image

Sean Weather 1/18

Image

Rochester Fire captains promoted

Image

Tracking Saturday's blizzard

Image

Chris and George at the top of the 10

Community Events