Iowa GOP Still Writing Tax Cut Bill With Hope of Voting Soon

Iowa GOP Still Writing Tax Cut Bill With Hope of Voting Soon

Republican leaders in control of the Iowa Legislature say they’re still writing a final version of an expansive tax cut bill they plan to vote on within days.

Senate Republicans told reporters Wednesday they’re not sure when a formal bill will be released. Those remarks came shortly before a Senate tax-writing committee had a procedural vote to advance a tax bill without updated details. Senate Republicans say they plan floor votes Saturday.

Republican Gov. Kim Reynolds and other GOP leaders announced a broad tax agreement last Friday that includes cutting individual income taxes, phasing in corporate tax cuts and other measures.

The Iowa Department of Revenue estimates the final tax plan is expected to cost the state more than $100 million in the budget year that begins in July. That annual cost could quadruple within five years. Senate Majority Leader Jack Whitver says Republicans have budgeted for that spending, an assertion Senate Democrats challenge.

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Author: HEDGE

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