On Wednesday, February 16th, the Iowa House of Representatives approved a twenty percent personal income tax cut. The House passed this significant income tax reduction, House File 194, on a bi-partisan vote of 62-33.
House File 194 reduces all nine Iowa Personal Income Tax rates by twenty percent, which will bring the top rate down from 8.98% to 7.18%. The income tax cut would begin on January 1, 2012 and would result in a $700 million tax cut for Iowans.
This income tax relief is long overdue; it has been more than a decade since Iowa taxpayers have seen any kind of income tax reduction. The last time the Iowa income tax was reduced was in 1998, when the rates were lowered by ten percent. Then-Governor Terry Branstad signed the bill into Law in 1997 with the support of a Republican controlled House and Senate.
Iowans for Tax Relief has continued to strongly support House File 194, because it will put more of your hard-earned money into your hands. This week, Iowans for Tax Relief President, Ed Failor, Jr. issued a statement on the twenty percent income tax cut:
“House File 194 is a bold move and an excellent start to help all Iowa income taxpayers by cutting the personal income tax by twenty percent across the board.
Lowering the tax burden on all Iowans will help spur growth, investment, and jobs in our great state. Reducing the Iowa personal income tax rates by twenty percent will directly put Iowans hard-earned money back into their hands,” said Failor.
The twenty percent income tax cut is now in the Iowa Senate Ways and Means Committee. Your Iowans for Tax Relief Team is at the Statehouse every day and continues to support reducing the tax burden on you! We believe you are able to spend, save, and invest your money better than the government.
This income tax relief bill still must clear the Senate Ways and Means Committee, as well as the full Senate. Please contact your Senator today, and encourage them to support the income tax cut bill, House File 194.
Contact your Senator at the Capitol:
Telephone: You can call your Senator at the Capitol. The telephone number for the Iowa Senate Switchboard is 515-281-3371.
Email: You can also email your Senator. To find your Senator’s email address; visit the “Legislator Lookup”
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