Iowa House Republicans offer new plan for tax cuts
Republicans in control of the Iowa House have announced their proposal to cut state taxes, but it's unclear if it has support in the GOP-majority Senate
DES MOINES, IA (AP) -
Republicans in control of the Iowa House have announced their proposal to cut state taxes, but it's unclear if it has support in the GOP-majority Senate.
House leaders released a plan Wednesday that they say would cut state tax revenue by $1.3 billion over five years. It would keep a contested deduction on federal income taxes known as federal deductibility. House Speaker Linda Upmeyer, a Clear Lake Republican, says the House plan "tweaks" a tax bill proposed by Gov. Kim Reynolds, who suggests cutting $1.7 billion in tax revenue over six years. Senate Republicans passed a bill earlier this session that would eventually cut $1 billion in taxes annually.
Upmeyer says their plan is a "wonderful first start," an indication she anticipates changes.
Tax-writing committees in both chambers are scheduled Thursday to review possibly competing versions of the bill.