Tax Bill Passes House and Senate

(Des Moines, IA) — The tax reform bill is on the way to the governor’s desk for her signature after passing the Senate and then the House. The bill would gradually cut the personal income tax rate to three-point-nine percent by 2026 and eliminate taxes on retirement income. It would cut the corporate tax rate while also reducing some refundable business tax credits over time. House Speaker Pat Grassley says Republicans are following through on their commitment to using the state’s budget surplus to cut taxes. Democrats reiterated their criticism, saying the bill gives the biggest benefits to the richest Iowans.