Iowa Gov. Kim Reynolds (R) approved an extensive tax overhaul and conformity law, saying the measure would provide individual and corporate taxpayers with $2.16 billion in relief over six years.

Reynolds said the tax legislation, Senate File 2417, would bring Iowa into general conformity with recent changes to the Internal Revenue Code, including the 2017 federal tax act (Pub. L. No. 15-97), and provide tax savings to almost every taxpayer in the state.

“This bill brings immediate relief. It’s simple, it’s transparent, and it’s fair for main street. But most importantly, it’s sustainable for our state budget,”...