The legislation would reduce corporate and individual income taxes and phase out some tax credits.
Iowa Senate Republicans used a procedural maneuver last week to fast-track votes on a sweeping tax overhaul bill, a move national experts say could limit transparency and public engagement at the state Capitol. The legislation would reduce taxes by more than $1 billion annually, in part by cutting corporate and individual income taxes and eliminating some tax credits. The Republican senator who authored the bill said Thursday he didn’t yet have a five-year projection on its fiscal impact to the state’s roughly $7.2 billion budget, but the measure is moving through the legislative process quickly. The bill was released publicly Wednesday morning. A little over 24 hours later, it had advanced through a tax-writing subcommittee and a full committee. A Senate floor vote is expected as soon as this week.
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