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March 1, 2018DES MOINES, Iowa |
By: AP
Iowa Senate approves over $1 billion in tax cuts
The Iowa Senate has approved more than $1 billion in future annual tax cuts without addressing their impact on the state budget.
The Republican-majority chamber voted 29-21 Wednesday night along party lines. The package heads to the GOP-led House, where its future is uncertain as legislators there consider another tax plan.
The Senate bill would reduce corporate and individual income taxes and eliminate some tax credits. It also would change some sales tax collections and mirror parts of the federal system.
A nonpartisan agency estimates the bill would cost the state more than $200 million for the budget year that begins in July. That figure would rise to more than $1.1 billion annually by 2023. Sen. Randy Feenstra, a Hull Republican, says his party is working on addressing the impact.
