Governor Reynolds Proposes Trigger For Corporate Income Tax Cut

(Des Moines, IA)  —  Governor Kim Reynolds is proposing a way to trigger corporate income tax cuts in Iowa.  The governor did not mention cutting taxes for corporations during her Condition of the State address , but her plan is included in a budget report submitted to lawmakers.  If Iowa corporations pay more than 700- million dollars in state income taxes this year, Reynolds proposes lowering the top corporate income tax rate next year.  House Democratic Leader Jennifer Konfrst Windsor Heights said it’s a break for only the most profitable corporations that would not help small businesses across the state.  House Speaker Pat Grassley has said House Republicans are focused on personal income tax cuts this year.