Weather Alert

Iowa Legislators Reach Tax Deal

(Radio Iowa) Tax negotiations among key Republicans at the Iowa Capitol appear to have yielded a final plan. Senate Majority Leader Jack Whitver spoke with Radio Iowa after meeting with his fellow Republicans in the Senate early this morning.

“THIS IS GOING TO BE A HISTORIC DAY HERE IN THE IOWA SENATE AND IN IOWA IN GENERAL,” WHITVER TOLD RADIO IOWA. “WE’RE ABOUT TO PASS THE LARGEST TAX CUT IN STATE HISTORY. HAPPY TO GET AGREEMENT WITH THE GOVERNOR AND THE HOUSE TO GET THIS DONE AND DELIVER ON A PROMISE THAT WE MADE FOR THE PAST YEAR, THAT WHEN WE HAVE EXCESS REVENUES, WE’RE GOING TO CONTINUE TO CUT TAXES.”

Radio Iowa’s O. Kay Henderson has details of the plan.

THE FINAL VERSION THAT WILL BE MAKING ITS WAY THROUGH THE LEGISLATURE TODAY HEWS CLOSELY TO THE PLAN REPUBLICAN GOVERNOR KIM REYNOLDS UNVEILED ON JANUARY 11TH. IT SHRINKS IOWA’S PERSONAL INCOME TAX RATE TO THREE-POINT-NINE PERCENT, ERASES THE INCOME TAX ON RETIREMENT INCOME AND GRADUALLY REDUCES THE CORPORATE INCOME TAX. THE FINAL DEAL ALSO REDUCES SOME REFUNDABLE TAX CREDITS, INCLUDING THE RESEARCH ACTIVITIES TAX CREDIT THAT YIELDS REFUND CHECKS FOR SOME CORPORATIONS. ANNOUNCER OUT: AS RADIO IOWA REPORTED EARLIER THIS WEEK, THE GOVERNOR PUBLICLY CRITICIZED ANOTHER IDEA IN THE SENATE G-O-P BILL CONNECTED TO LOCAL OPTION SALES TAXES AND A FUND FOR WATER QUALITY AND OUTDOOR RECREATION PROJECTS. THAT IDEA IS NOT INCLUDED IN THE FINAL DEAL.



Connect With Us Listen To Us On