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Billion Dollar Tax Cut Measure Headed to Iowa Governor’s Desk

May 19, 2021, 3:55 PM

An expansive revenue bill slashing taxes across Iowa by roughly $1 billion over the next eight years is headed to the desk of Gov. Kim Reynolds (R) following action by the state Legislature late Tuesday.

The proposed law, S.F. 619, expands eligibility for childcare tax credits, phases out the inheritance tax, adopts the federal bonus depreciation rules, and exempts pandemic relief loans from taxation. Significantly, S.F. 619 also accelerates a previous schedule for income tax cuts, eventually reducing rates and the number of tax brackets.

The measure passed the House by a vote of 64-28 Tuesday after ...