(Des Moines) Iowa House District 21 Representative Tom Moore said Governor Kim Reynolds this past week revealed some more details regarding her tax proposal bill.
Moore said the bill has been labeled House Study Bill 551. Some of the main takeaways from the bill include the Retired Farmers Lease Income Exclusion…
The Retired Farmer Capital Gain Exclusion…
Moore said another large component to the Governor’s plan works to eliminate the complex tax brackets and instead make a flat tax rate of 4-percent on all taxable income. He said this will slowly begin next year, but it will not be fully implemented until tax year 2026.
